Lukoil closes sale of Isab refinery in Italy
ISAB owns a large petrochemical complex in Italy combining refining, gasification and electricity cogeneration plants.
Lukoil has reached an agreement to sell its Italian ISAB refinery to G.O.I. Energy. The transaction is planned to be completed by the end of March 2023.
ISAB owns a large petrochemical complex in Italy combining refining, gasification and electricity cogeneration plants.
The ISAB plant in Sicily refines a fifth of Italy's crude and directly employs about 1,000 people in an economically depressed area in the country's southernmost region.
The companies did not provide a value for the deal. Earlier price discussions with other bidders were just under €1.5 billion, according to Market Screener.
For the efficient operation of the complex after its acquisition G.O.I. Energy formed a partnership with Trafigura, one of the world's largest international traders of oil and petroleum products, which secures uninterrupted feedstock supplies to the refinery and provides for production offtake as well as necessary working capital level.
