SOCAR Completes Italiana Petroli Acquisition, Names New CEO and Operations Head
Key Executive Changes and Acquisition Details
Leadership Appointments Following SOCAR Acquisition
MILAN, June 1 (Reuters) - Italiana Petroli has appointed new top executives after Azerbaijan's State Oil Company of Azerbaijan (SOCAR) finalised the acquisition of the Italian oil refiner last month.
New Head of General Operations
• The refiner's former chief financial officer Leonardo Caputo is the new head of general operations, IP said in a post on Linkedin on Monday. Caputo will oversee and ensure the operational management of refining, supply, and logistics activities.
Appointment of New CEO
• The former minister of economy of Georgia Levan Davitashvili was appointed CEO in mid-May, the company said.
CEO’s Role and Strategic Objectives
• Davitashvili has already started leading the refiner's operations in Italy, with the aim of ensuring operational continuity, preserving and further strengthening its position in the national energy market, and overseeing the company's integration into the broader SOCAR Group.
Acquisition Background and Financial Details
• Italiana Petroli's founders, the Brachetti-Peretti family, agreed to sell the oil refiner last September in a deal said to be worth around 3 billion euros ($3.49 billion).
($1 = 0.8584 euros)
(Reporting by Francesca Landini, editing by Alvise Armellini)
