Baku: The State Oil Company of Azerbaijan (SOCAR) has entered into a share purchase agreement with Italiana Petroli S.p.A, acquiring shares in its subsidiary, MIP S.p.A. This significant development was announced during the First Azerbaijan International Investment Forum (AIIF-2025) held in Baku.
According to Azeri-Press News Agency, the agreement was formalized by SOCAR President Rovshan Najaf and Ugo Brachetti Peretti, Chairman of the Board of Directors of Italiana Petroli S.p.A. This strategic acquisition is expected to enhance SOCAR’s standing and influence within the European energy market.
Furthermore, the AIIF-2025 witnessed another key agreement between EelElectric LLC and the Turkish office of ABB Group, a leading multinational corporation in electrical engineering and the energy sector. Vusal Mirzayev, Director of EelElectric, and Mahmud Rzayev, Country Manager of ABB Group Trkiye, signed the agreement. This collaboration focuses on the installation of Modular Panel Systems, aimed at boosting technological advancements in electrical infrastructure.