Lukoil Offered to Acquire 20% in Joint Venture to Operate ISAB
OREANDA-NEWS. February 3, 2012. LUKOIL was notified today that the Board of Directors of the Italian ERG has resolved to sell to LUKOIL 20% in the joint venture. The joint venture was established to operate the ISAB refining complex located in Priolo (
This is a partial exercise of ERG’s option to sell its stake according to the agreement of 2008 to create a joint venture.
Thus, LUKOIL’s stake in the joint venture can be increased from 60% to 80%.
The transaction closing is expected in the second quarter of 2012. The transaction amount will reach EUR 400 million, excluding inventory.