It has come up with Olys, which contains a combination of oils derived from wheat, walnuts, corn, rice and blackcurrants.
The result is an oil that is naturally high in omega-3, vitamin E, anti-oxidants and essential fatty acids.
It is claimed to help reduce the chance of heart disease and lower cholesterol levels.
Like olive oil, Olys can be used in cooking or as a dressing and has a light, delicate flavour, said the company.
Olys was launched in Italy during the summer (rsp: 12.99 for a one-litre bottle) and Carapelli marketing manager Daniela Baccianella said it now planned to roll it out to the UK and the rest of Europe over the coming year.