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.