16:16 GMT +3 hours23 November 2014
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LUKoil Ups Stake in Italian Refinery to 80% for €400 Mln

Business
(updated 18:28 28.10.2014)
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Russian oil company LUKoil has closed a deal to buy a 20 percent stake in the ISAB refinery in Sicily from Italy’s ERG in a deal worth €400m, the company said on Tuesday.

Russian oil company LUKoil has closed a deal to buy a 20 percent stake in the ISAB refinery in Sicily from Italy’s ERG in a deal worth €400m, the company said on Tuesday.

The deal increases LUKoil's stake in the facility to 80 percent. ERG will hold the remaining 20 percent.

ERG CEO Alessandro Garrone earlier said the transaction enables ERG to downsize its presence in the refining business against the background of the ongoing crisis and further consolidate the group's financial structure to support its future development projects during a difficult financial period.

The ISAB refining plants are part of the Priolo Gargallo (Syracuse) petrochemical complex, said to be one of the largest European industrial complexes, both in terms of complexity and size.

The Sicily refinery has a capacity of approximately 320,000 barrels per day.