The State Oil Company of Azerbaijan (SOCAR) and MIP S.p.A company, a subsidiary of Italiana Petroli S.p.A company, have signed a contract regarding the acquisition of shares.

Axar.az informs, citing Repоrt, this took place within the framework of the 1st Azerbaijan International Investment Forum (AIIF-2025) held in Baku.

The document was signed by SOCAR president Rovshan Najaf and Chairman of the Board of Directors of Italiana Petroli S.p.A Ugo Brachetti Peretti.

The mentioned contract will strengthen SOCAR's position in Europe's energy market.

Additionally, as part of AIIF 2025, a contract was signed between EelElectric LLC and the Turkish representation of the Swedish-Swiss transnational corporation ABB Group, which specializes in electrical engineering and energy sector, regarding the installation of Modular Panel Systems.

The document was signed by EelElectric director Vusal Mirzayev and ABB Group Türkiye's country manager Mahmud Rzayev. The project will support technological development in the field of electrical infrastructure.