Brussels: The European Commission has approved SOCAR’s acquisition of 99.82% of the shares of Italiana Petroli (IP), one of Italy’s leading energy companies, from API Holding, APA-Economics reports, citing the European Commission. The transaction primarily concerns the supply of crude oil and refined petroleum products.
According to Azeri-Press News Agency, the notified transaction does not raise any competition concerns, as the companies’ market positions will remain limited following the proposed deal. The operation was reviewed under the simplified merger review procedure.
In September last year, within the framework of the 1st Azerbaijan International Investment Forum, SOCAR signed an agreement to acquire 99.82% of the shares of Italiana Petroli (IP) from API Holding. Italiana Petroli is one of Italy’s largest integrated downstream platforms, owning thousands of fuel stations, two oil refineries with an annual processing capacity of approximately 10 million tons, and engaging in the sale of specialty products such as bitumen, aviation fuel, and lubricants. It also operates a nationwide logistics system.
Recall that Italiana Petroli has been active in the mobility and downstream sector since 1933. With 1,600 employees, a network of 4,500 IP-branded fuel stations, an annual refining capacity of around 10 million tons across two refineries, and a logistics system covering the entire country, the company is the leading private player in the market.