Hydrocarbon Processing Copying and distributing are prohibited without permission of the publisher
Email a friend
  • Please enter a maximum of 5 recipients. Use ; to separate more than one email address.



Lukoil acquires larger stake in Sicily ISAB refinery from Italian partner ERG

09.04.2012  | 

The sale was for €485 million, excluding inventory. Lukoil and ERG agreed to the ISAB venture in 2008, under which the Sicily-based refinery has a capacity of roughly 320,000 bpd. Lukoil now owns 80% of the venture.

Keywords:

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 the sale.

ERG now owns 20% of the refinery, with Lukoil owning the other 80%.

“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 320,000 bpd.

The latest deal was first announced in January.



Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Related articles

FEATURED EVENT


Sign-up for the Free Daily HP Enewsletter!

Boxscore Database

A searchable database of project activity in the global hydrocarbon processing industry

Poll

Will previously-planned downstream investments be cut back in 2015 due to lower global oil prices?


58%

11%

31%




View previous results

Popular Searches

Please read our Term and Conditions and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2014 Hydrocarbon Processing. © 2014 Gulf Publishing Company.