SOCAR completes acquisition of Italiana Petroli from Api Holding

State Oil Company of the Republic of Azerbaijan (SOCAR), the Azerbaijani state oil and gas company, has completed the acquisition of Italiana Petroli (IP) from api – anonima petroli italiana. The transaction represents a transformative operation set to reshape the downstream energy landscape in Europe.

Italiana Petroli has been a cornerstone of the Italian energy ecosystem for nearly a century. Its dual refining capacity, strategic storage infrastructure and nationwide distribution network now integrate with SOCAR's upstream strength, creating a rare fully integrated European energy platform. The acquisition strengthens SOCAR's presence in Europe and supports its long-term strategy of expanding its integrated energy value chain.

SOCAR was assisted by Deloitte with cross-border teams between Switzerland and Italy, covering pre-deal due diligence and technical support through to closing. Coordination was led by the Swiss team, headed by M&A Partner Chris Tattersall (Deloitte Switzerland) and Gennady Kamyshnikov, supported by René Hintermann and Aleksandra Berger. For the Italian aspects, tax due diligence and structuring were handled by partner Giorgio Orlandini, with the support of Francesco Maria Paggini; transfer pricing by partner Roberto Monasterolo with Natasha Reuta; indirect taxes by partner Maurizio Bancalari with Giulia Emanuela Persico; and tax incentives analysis by partner Vito Marraffa. Financial due diligence was conducted by partner Ettore Delucchi, with the support of Luca Crispino and Lucia Livadaru. Deloitte Legal assisted SOCAR on employment law matters, with partner Stefano Miniati.