Italian refiner ERG on Tuesday officially completed the sale
of a 20% stake in its ISAB refinery joint venture to
Russia-based partner Lukoil.
The sale was for roughly 485 million, excluding
inventory. That figure is higher than the projected 400 million for
ERG now owns 20% of the refinery, with Lukoil owning the
This transaction allows ERG to downsize its presence
in the refining business against a
background of continuing crisis, ERG chief executive
Alessandro Garrone earlier said.
The companies agreed to the ISAB venture in 2008, under
which the Sicily-based refinery has a capacity of roughly
The latest deal was first announced in January.