The deal was finally closed after receiving all necessary regulatory approvals, SOCAR said.
Italiana Petroli Group, which has been operating in the Italian market for more than 90 years, occupies a significant place in the spheres of energy security and mobility of the country. The company’s structure includes two refineries, storage infrastructure and an extensive network of retail sales throughout Italy, notes 1News.az.
After completion of the deal Italiana Petroli became part of SOCAR structure, which is expected to strengthen the position of the Azerbaijani state company in the European energy market.
SOCAR emphasized that Italy is one of the key markets of the company in Europe.
Thus, SOCAR is one of the leading suppliers of crude oil to Italy through the Baku-Tbilisi-Ceyhan oil pipeline, and also contributes to the diversification of natural gas supplies to this country through the Southern Gas Corridor. From this perspective, the transaction is in line with SOCAR’s strategy to further expand its integrated and sustainable international operations in the context of the changing market environment and sustainable development goals.
SOCAR President Rovshan Najaf called the completion of the deal an important step in the development of the energy partnership between Azerbaijan and Italy.
“This is a natural continuation of strategic cooperation based on mutual trust and strong economic ties. Integration of infrastructure and IP experience will allow us to strengthen our position in the European market and create a basis for long-term growth,” 1News.az quoted the head of the company as saying.
SOCAR also emphasized its intention to preserve the Italiana Petroli brand, support the company’s team and provide stable service to customers and partners.
