The deal had been in the air for a few days now. Just a little out of time compared to the announcement that Eugene Maniakhine, general manager of the Isab controlled by Lukoil based in Priolo in the Syracusan industrial area, had announced onOnly 24 Hours. Not by the end of 2022 but only a few days later. In the end, in fact, it was announced today Monday 9 January: Litasco totally controlled by the Russians of Lukoil and owner of Isab has reached an agreement for the sale of the Sicilian plants with Goi Energy, branch of the energy sector of Argus New Energy Fund, a fund private equity and asset management firm in Cyprus.
«We are pleased to announce that we have reached an agreement with Litasco – says Michael Bobrov, CEO of Goi Energy -. 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 cooperation with the Italian Government, we are optimistic that the operation will be completed successfully”. Bobrov, is also the CEO and majority shareholder of Green Oil Energy, which in turn is the majority shareholder of Bazan Group, one of the largest and most complex energy groups in Israel, which operates the largest integrated refining plant and country’s petrochemical.
Closing a fine marzo
Both companies explain in a note that this is a transaction subject to the occurrence of certain conditions precedent relating, among other things, to obtaining the authorizations from all the competent authorities, including the Italian Government: the closing of the The transaction is expected by the end of March 2023. As part of this transaction, Goi Energy has agreed to exclusive long-term supply and offtake agreements with Trafigura, one of the world‘s largest independent oil and petroleum products traders. The agreements will ensure a secure supply of oil to the refinery and a guaranteed supply of refined products, as well as support the refinery’s working capital needs. Among the things underlined by both press releases is this: “The new owner will keep the jobs and guarantee health and safety conditions”. As part of the transaction, Bonelli Erede acted as legal advisor to Goi Energy, while Ernst & Young acted as financial advisor.
I work for 3,000 people, including related industries
The Isab refinery in Priolo, which Litasco bought a few years ago from the Erg Group, processes (today) 10.6 million tonnes (on average) of refined crude oil per year (13.6% of the national total) but with a refining capacity which, according to data recorded by Unem, reaches 19.4 million tons of crude oil a year, equal to just over 22.2% of the national total. Isab, which employs around three thousand people (a thousand direct) combines refining, gasification and electricity cogeneration plants and consists of three interconnected production sites.