SOCAR nears acquisition of Italiana Petroli
Published on: Sep 16, 2025
Acquisition would strengthen Azerbaijan’s presence in the Mediterranean fuel market.
Azerbaijan’s state-owned energy company SOCAR is reportedly finishing an acquisition deal with the Brachetti-Peretti family, founders of Italiana Petroli (IP), to take over one of Italy’s largest fuel station networks.
As reported by Reuters, sources close to the deal said that the family was seeking an enterprise value of around €2.5 billion. Petroli operates a refining capacity of around 200,000 barrels per day and a network of more than 4,500 service stations across Italy.
The company also owns strategic storage and transport assets, including jet fuel infrastructure. In 2023, it expanded its capacity further by acquiring Exxon Mobil’s Italian assets. Last year, IP reported an adjusted core profit of nearly €500 million.
SOCAR already owns the 200,000 bpd STAR refinery in Turkey, and the acquisition of Petroli would significantly increase its footprint in the Mediterranean fuel market.
The move follows last year’s sale of a controlling stake in Saras by Italy’s Moratti family to global commodity trader Vitol, highlighting a wider trend of private investors retreating from Europe’s refining sector amid rising volatility.
