Lukoil may become owner of 100% of ISAB refinery’s shares in Sicily before the end of the year

Recently, management of the Italian company ERG announced its plans to completely withdraw from the Sicilian refinery ISAB’s capital (Priolo). The exercise of option for 20% package of  the shares of the joint venture may be undertook by Lukoil with the approval of the ERG SpA’s management. If the Russian company makes use of the Italians’ proposal before the end of the current year, it will become the owner of 100% of the Sicilian plant’s shares.

The corresponding solution was ofered at the meeting of the ERG SpA’s Board of Directors on last Wednesday, the agency ITAR-TASS and a number of other mass media reported. The press release on the official site of the Italian company reported the amount of the forthcoming deal (about 400 million euro), which must be concluded before the end of 2013. According to statement of the ERG’s General Director, Luca Bettonte, which is cited by the press release, the sale of shares at the Sicilian plant means the long-standing wish of the company to completely leave the oil-processing sector and “to transfer investments into sectors with less volatility”.