Euronews – Business

SOCAR Gets EU Green Light for Major Italian Petrol Bid

The European Commission has approved Azerbaijan’s state oil company SOCAR to acquire 99.82% of Italy’s Italiana Petroli, including its two refineries and a network of roughly 4,500 fuel stations. The deal adds about 10 million tonnes per year of crude‑processing capacity to SOCAR’s European portfolio and cleared the EU merger review without requiring remedies. Approval was granted under the EU Merger Regulation on 19 February, confirming no significant competition concerns. Analysts view the transaction as a strategic step for Azerbaijan to deepen its role in Europe’s downstream energy market.