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

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.

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