Azerbaijan’s state oil company Socar is close to signing a deal to buy privately-held Italian refiner Italiana Petroli, Reuters reported on Monday, citing sources.The Brachetti-Peretti family, owners of Italiana Petroli, which controls one of Italy’s biggest gasoline station networks, have agreed to sell the company to Socar, with the signing of the deal expected imminently, according to Reuters’ sources.
In June this year, Reuters reported that Socar is in competition with Gunvor, one of the world’s biggest independent commodity traders, and with Abu Dhabi-based Bin Butti Group for acquiring Italiana Petroli.
All three suitors have reportedly submitted offers to buy 100% of the Italian firm. At the time, the owners of Italiana Petroli were seeking about $3.5 billion (3 billion euros) for the refiner, sources with knowledge of the matter told Reuters in June.
In recent months, Azerbaijan’s Socar has expanded cooperation with foreign majors for projects in Azerbaijan and overseas.
Earlier this year, ExxonMobil and SOCAR signed a memorandum of understanding to explore unconventional onshore oil reserves in a move that could open a new chapter for the country’s hydrocarbon sector.
Announced during Baku Energy Week, the deal marks Exxon’s entry into Azerbaijan’s underdeveloped onshore oil segment, which currently accounts for just 5% of national production. While no exploration drilling is planned yet, Exxon’s expertise in unconventional oil—typically trapped in porous rock and requiring advanced techniques like fracking—could significantly boost future output.
Socar has also signed a partnership deal with Turkey’s state energy firm TPAO and UK-based supermajor BP for the development of a natural gas field in the Azeri sector of the Caspian Sea.
Hungary’s MOL Group and SOCAR have signed key terms for an exploration, development, and production sharing agreement (PSA) for the Shamakhi-Gobustan onshore region. The deal strengthens their strategic partnership and bolsters Azerbaijan’s hydrocarbon sector amid growing global demand for energy security.
(Oilprice.com, September 15, 2025)
