Investments by Azerbaijan's State Oil Company SOCAR in Italiana Petroli (IP) strengthen Italy's position as an industrial and energy hub, Italy's Minister of Economic Development Adolfo Urso said in a post on X.
According to SİA, Urso noted that he met with Azerbaijan's Deputy Minister of Economy Anar Akhundov and a SOCAR delegation led by its president Rovshan Najaf following final approval of the investment deal.
"These investments strengthen Italy's position as an industrial and energy platform," Urso added.
On May 8, 2026, SOCAR announced the completion of its acquisition of a 99.82% stake in Italiana Petroli from API Holding. As a result of the transaction, IP became part of SOCAR's structure, allowing the Azerbaijani state company to expand its presence in the European energy market.
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