Baku:The acquisition of Italiana Petroli is set to enhance SOCAR's diversification in the refining and sales segment, as highlighted by Jakub Zasada, EMEA Director for Corporate Ratings at Fitch Ratings, during the 'Fitch in Azerbaijan' event.

According to Azeri-Press news agency, Zasada mentioned that Fitch considers the potential support from the Azerbaijani government when assessing SOCAR's ratings. The likelihood of state support for SOCAR is rated 'extremely high,' based on historical capital and cash allocations to the company and its significant role in the Azerbaijani economy.

Improvements in SOCAR's financial indicators have influenced changes in its credit profile, with a noted decrease in oil production and an increase in gas production.

Zasada further explained that the acquisition of Italiana Petroli, which took place last year, is expected to bolster SOCAR's diversification efforts in its downstream business operations.