SOCAR Signs Strategic Share Purchase Agreement With Italian Energy Companies

The State Oil Company of the Republic of Azerbaijan (SOCAR) has entered into a significant three-party agreement with Italian companies, Italiana Petroli S.p.A and MIP S.p.A on the purchase and sale of shares, Azernews reports.

The agreement was signed during the second day of the 1st Azerbaijan International Investment Forum in Baku, underscoring the event's role as a platform for fostering international partnerships and attracting foreign investment into Azerbaijan's energy sector. SOCAR President Rovshan Najaf and Italiana Petroli S.p.A Chairman Ugo Brachetti Peretti formally signed the agreement, marking a new stage in cooperation between Azerbaijan and Italy in the field of energy.

The deal is considered strategically important, as it not only strengthens SOCAR's presence in the European energy market but also expands the scope of bilateral cooperation with Italy, one of Azerbaijan's key energy partners. The move is expected to support SOCAR's long-term vision of diversifying its portfolio, increasing access to new markets, and establishing stronger ties with international energy companies.

The agreement represents more than a commercial partnership; it highlights Azerbaijan's growing role as a reliable energy partner for Europe. Italy has long been a major importer of Azerbaijani energy resources, particularly through the Trans Adriatic Pipeline (TAP), and this new collaboration is likely to further enhance energy security and cooperation across the continent.

By expanding its network of international partnerships, SOCAR reaffirms its strategic position not only as Azerbaijan's flagship energy company but also as a global player in the oil and gas industry. The agreement signed in Baku signals confidence in Azerbaijan's investment climate and its potential as a bridge between energy producers and European markets.

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