Azerbaijan's state-owned oil giant SOCAR has acquired Italiana Petroli (IP), one of Italy's largest oil refiners and petrol station operators, according to a Reuters report. The deal, announced on Monday, did not disclose financial details but underscores deepening energy partnerships between the two nations.
IP boasts a refining capacity of about 200,000 barrels per day and operates over 4,500 fuel stations across Italy. The company also controls essential storage and transportation assets, including jet fuel facilities. In 2024, IP achieved an adjusted core profit of nearly €500 million (approximately $590 million). Its portfolio includes two refineries—in Ancona and the northern SARPOM facility—plus a tolling agreement for the Alma refinery in Ravenna.
This acquisition builds on robust Azerbaijan-Italy trade relations, with Italy historically serving as the top buyer of Azerbaijani crude oil. From January to August 2025, Azerbaijan exported around 9.2 million tons of crude to Italy, valued at $4.8 billion, as per recent Caliber analysis. Overall, Azerbaijan's crude exports during this period totaled nearly 15.9 million tons, worth about $8.4 billion.
In 2024, Azerbaijan's total exports to Italy reached $10.8 billion, according to the State Statistical Committee. Italian industry leaders have praised this surge. During a September 2024 meeting with Azerbaijani officials, Barbara Cimmino, Vice President for Export and Investment Promotion at Confindustria, observed that bilateral trade had doubled over five years, largely driven by energy imports, positioning Italy as Azerbaijan's primary trading partner.
Azerbaijani President Ilham Aliyev echoed these sentiments at the meeting, describing oil and gas as "an important area of our cooperation" and highlighting the strategic value of these ties.
https://oc-media.org/azerbaijans-socar-to-take-over-italian-oil-refiner-italiana-petroli/