Fitch: Acquisition of Italiana Petroli to expand SOCAR's presence in European market

The purchase of the Italian company Italiana Petroli will allow the State Oil Company of Azerbaijan (SOCAR) to significantly strengthen the diversification of its downstream operations, Jakub Zasada, Director in the EMEA Corporate Ratings Group at Fitch Ratings, said during "Fitch on Azerbaijan 2026" in Baku, Report informs.

"Speaking of key factors influencing the ratings, the acquisition of Italiana Petroli, completed last year, should be particularly noted. According to our estimates, this asset will allow SOCAR to expand its presence in the European market and strengthen diversification in the downstream segment," the rating agency representative emphasized.

Zasada also recalled that in September, Fitch Ratings upgraded SOCAR's standalone credit profile (SCP) from "BB-" to "BB" amid the company's reduced debt burden and improved financial performance. At the same time, SOCAR's final long-term rating still corresponds to Azerbaijan's sovereign rating due to the extremely high probability of state support and the company's strategic importance to the country's economy, he noted.