European Commission approves SOCAR’s acquisition of 99.82% stake in Italian energy company

The European Commission has approved SOCAR’s acquisition of a 99.82% stake in Italiana Petroli (IP), one of Italy’s leading energy companies, from API Holding, Azerbaijani media report, citing the Commission.

The transaction primarily involves the supply of crude oil and refined petroleum products.

“The proposed transaction does not raise any competition concerns, as the companies’ market positions would remain limited. The proposed deal was reviewed under the simplified merger review procedure,” the statement said.