Ip passes to Azerbaijanis: agreement signed for sale to Socar

There is an end in sight to the negotiations between Socar and Api Holdings for Ip: the Azerbaijani company has in fact announced the signing of an agreement to acquire 99.82% of the shares in Italiana Petroli (Ip) from the group controlled by the Brachetti Peretti family.

The transaction, reads a note, is conditional on obtaining the necessary regulatory approvals (in the areas of antitrust, foreign subsidies, and golden power), and it is estimated that the closing could take place by the first quarter of 2026.

'Socar', it says, 'intends to act in continuity to preserve and enhance Ip's strong market position and reputation, ensuring a stable supply of high quality services to its customers, partners and stakeholders and will preserve employment levels and, in line with the group's strategy, environmental protection will remain a priority for its activities in Italy'.

"This acquisition," writes the Azerbaijani group, "represents an important milestone for Socar's growth within the European energy market and reflects its commitment to strengthening bilateral economic relations between Azerbaijan and Italy, as well as a strong contribution to Europe's energy security and sustainable development."

"The acquisition of Italiana Petroli is an important step in our international diversification strategy. It reflects our long-term commitment to developing a competitive, innovative and responsible business that contributes to Europe's energy security and further strengthens the partnership between Azerbaijan and Italy," says Rovshan Najaf, Socar's chairman.