Socar finalises purchase of IP from Api

Socar has finalised 'the acquisition of 99.82% of the capital of Italiana Petroli (IP) from Api Holding'. The transaction, the Azerbaijani petrochemical group announced, 'has been positively concluded following the obtainment of all the required regulatory authorisations'. "The IP Group," a statement said, "plays a leading role in Italy in the energy mobility and security sector, operating with an integrated industrial logistics system that includes, among other things, two refineries, storage depots, and an extensive sales network" in Italia. After the acquisition, IP 'becomes part of an international Group, strengthening its presence in the European energy market'.

The acquisition, Socar writes, reflects its 'long-term strategy to expand its integrated energy supply chain and strengthen its presence in Europe, with Italia as a key market within its regional portfolio'. Socar 'is already a major supplier of crude oil to Italia through the Baku-Tbilisi-Ceyhan pipeline and contributes, at the same time, to the diversification of natural gas supplies to the country through the Southern Gas Corridor'.

The transaction 'further strengthens Socar's strategy of building an integrated and resilient international portfolio, in line with evolving market conditions and the Group's sustainability priorities'. The Azerbaijani company 'is committed to preserving and further developing IP's solid market position, brand reputation and operational capabilities, enhancing the skills, professionalism and valorisation of its workforce, ensuring continuity for customers and business partners'.

'The finalisation of this acquisition,' comments Rovshan Najaf, Socar's chairman, 'opens an important new phase in the historic energy partnership between Azerbaijan and Italia. This strategic partnership is based on mutual trust and economic cooperation consolidated over the years. In this context, Socar's approach in Italia is based on continuity, operational stability and long-term development. By integrating IP's extensive network and expertise, we strengthen our presence in the European market while preserving the strengths that have made IP successful. Through this integration, we promote sustainable growth, industrial reliability and long-term value creation throughout our international portfolio'.

"The hope is that this step can represent a development opportunity, in full respect of employment protection, environmental protection, plant safety, and towards an energy transition". This concept was expressed by the mayor of Falconara Marittima (Ancona), Stefania Signorini, after learning of the official announcement regarding the acquisition of the Api Group by Socar, an operation that also directly concerns the Api refinery in Falconara. "A new phase is opening for our city and for one of the most important production sites in the region," Signorini remarked, hoping that the move could represent "an opportunity for development, in full respect of employment protection, environmental protection, plant safety and towards an energy transition. "For this reason, I believe it is important to start a discussion with the new owners as soon as possible,' the mayor concluded, 'so that we can immediately share the area's priorities in terms of employment, safety, the environment and sustainable development.