Azerbaijan’s state oil company, Socar, is in talks to acquire Italian refiner Italiana Petroli, sources reported. The Brachetti-Peretti family, owners of Italiana Petroli, have agreed to sell the company, with the deal expected to be finalized soon. Socar faces competition from Gunvor and Bin Butti Group, with all suitors offering to buy 100% of the firm for around $3.5 billion.

In other news, Socar has been expanding 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, potentially boosting the country’s hydrocarbon sector. Socar has also partnered with Turkey’s TPAO and BP for the development of a natural gas field in the Azeri sector of the Caspian Sea.

Additionally, Hungary’s MOL Group and Socar have signed key terms for an exploration, development, and production sharing agreement for the Shamakhi-Gobustan onshore region. This deal strengthens their strategic partnership and supports Azerbaijan’s hydrocarbon sector amid increasing global demand for energy security.

Read more at Yahoo Finance: Azeri State Oil Firm Socar Set to Buy Italian Refiner