Lukoil sells Isab refinery in Sicily.
According to the announcement made by the Russian oil group, the acquisition of the Priolo plant will be Goi Energy, in partnership with Trafigura (trader in the oil sector based in Switzerland) which will ensure the seamless supply of the structure and working capital. The transaction – it is reported – should be completed by the end of March 2023, having received the necessary authorizations including the approval of the Italian government.
Lukoil assures that the new owner will maintain the occupation and ensure the health and safety conditions of the workplace. The plant, counting related industries, employs 10,000 people.
Goi Energy is headed to Argus New Energy Fund, a private equity firm based in Cyprus. The buyer – assures Lukoil – through an alliance of strategic partners, boasts the presence of high-level experts in the energy and investment sector, with recognized expertise in oil refining and trading and vast know-how in restructuring of the refineries from an operational and financial point of view. And its investors – the Russian group continues – already own the majority of Bazan Groupone of the largest energy groups in Israel which owns the main local petrochemical company.
In recent days there had been talk of a consortium interested in taking over the plant led by the US fund Crossbridgenext to which a competing consortium had emerged around the Qatari businessman Ghanim bin Saad Al Saadalongside Italian investors, was presented to the government by a team of consultants which included Massimo D’Alema.
“We are pleased to announce that we have reached an agreement with Litasco”, a 100% subsidiary of Lukoil. “We are deeply aware of the importance of Isab for the Italian economy, for Sicily and for the local community. We firmly believe that Isab has significant development potential and we have a solid business plan to be able to exploit it. In close collaboration with the Italian Government, we are optimistic that the operation will be completed successfully”. This was stated by the CEO of Goi Energy, Michael Bobrov commenting on the agreement between Litasco and Goi Energy for the acquisition of Isab by Goi Energy.