UPDATE 2-Socar eyes Italy plant stake; to up Asia term sales

(Adds more quotes, Eni comment, background)

By Felicia Loo and Judy Hua

SINGAPORE, Nov 4 (Reuters) - Azerbaijan's state oil firm Socar plans to take a "substantial" stake in an Italian oil refinery next year and aims to raise the proportion of term exports of Azeri Light crude to Asia, its chief executive said on Wednesday.

The moves signal Socar's aim to secure outlets for its crude production, and come a month after the company said it was in talks to buy a controlling stake in Ukraine's third-largest refinery by capacity and to build new units.

"We are looking for a refinery in Europe. We are in talks for these projects, in Italy, for example," Valery Golovushkin, chief executive of Socar Trading SA told reporters on the sidelines of the Asia Pacific Petroleum Conference (APPEC).

Asked if he was refering to Eni's Livorno refinery, he said: "I can't say, it's confidential."

He added a controlling stake in the refinery would mean Socar could "participate in decision-making".

"We have the appetite and we are working extensively on the investments," Golovushkin said.

"We will like to get refineries outside Azerbaijan. It's from the risk management point of view," he added, without revealing the investment value.