Azerbaijan's state-owned oil and gas company, SOCAR, and Italian oil company Eni have signed a share purchase agreement.
Reuters previously reported that the Brackett-Peretti family, founders of Italiana Petroli, are planning to sell the company, which would give SOCAR control of one of Italy's largest gas stations.
Italiana Petroli operates a network of more than 4,500 gas stations across Italy.
"This landmark agreement will play a key role in strengthening Azerbaijan's contribution to global energy security, providing direct access to the European market, expanding the value chain, and increasing logistical advantages," Azerbaijani Economy Minister Jabbarov wrote.
