The completion of SOCAR’s acquisition of 99.82% of Italiana Petroli on May 8th 2026 offered the clearest evidence yet that the State Oil Company of the Azerbaijan Republic is no longer content to be merely an exporter of Caspian hydrocarbons. The purchase brought two refineries, storage and logistics infrastructure and a network of 4,575 retail points. This is more than another foreign asset. It is a place inside the energy system of one of...

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