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Sicilian refinery Isab di Priolo sold by Russian Lukoil to Cypriot fund Argus

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There has been talk for several months about a possible sale, in particular about the interest of US funds. The government has also hypothesized an emergency administration to ensure the smooth operation of the plant, which employs about a thousand people in the Syracuse area.

Sicilian refinery Isab of Priolo was sold Goi Energy, a division of the Cypriot Argus Foundation. This was reported by the current owner or the Russian Lukoil, which controls the plant through its Swiss company Litasco. Approximately 20% of the petroleum products consumed in Italy come from the refinery, but since it is under the control of the Russian group, the refinery risks operational problems due to the embargo against Moscow decides Europe. In particular, in replenishing oil reserves, since it can no longer use the oil of the parent company and is having difficulty obtaining bank guarantees to access other markets. There has been talk for several months about a possible sale, in particular about the interest of US funds. The government also considered starting emergency administration to ensure the smooth operation of the plant, occupying approx. thousand people in the Syracuse area. “The transaction is subject to the occurrence of certain preconditions regarding,” the note to the agreement states, “among other things, obtaining permits from all competent authorities, including the Italian government. Deal close expected end March 2023“.

The commodity trading giant will also play a role in the deal. transfigure with whom contracts for the supply of crude oil have been concluded. “We are pleased to announce that we have reached an agreement with Litasco. We are acutely aware the importance of Isab for the Italian economy, for Sicily and for the local community. We firmly believe that Isab has significant growth potential and we have a sound business plan to exploit it. In close cooperation with the Italian government, we hope that the operation will be successfully completed.” Like this Mikhail Bobrov, General Director of GOI Energia. The Cypriot group was assisted in the deal by a law firm Bonelli heir while Ernst & Young acted as financial advisor. The new owner will also have to face a dossier ecological reclamation of the territory

Source: II Fatto Quotidiano

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