LUKOIL CONCLUDES AGREEMENT ON SALE OF ISAB REFINERY IN ITALY
Monday, January 9, 2023
PJSC LUKOIL announces that LITASCO S.A., 100% subsidiary of LUKOIL, and G.O.I. ENERGY LIMITED (hereinafter "G.O.I. ENERGY") reached an agreement regarding the sale of ISAB S.r.L. (hereinafter "ISAB") to G.O.I. ENERGY. The transaction is planned to be completed by the end of March 2023 upon fulfilment of certain conditions precedent including receipt of necessary approvals of competent authorities, particularly the Italian Government.
ISAB S.r.L. owns a large petrochemical complex in Italy combining refining, gasification and electricity cogeneration plants.
For the efficient operation of the complex after its acquisition G.O.I. ENERGY formed a partnership with TRAFIGURA, one of the world's largest international traders of oil and petroleum products, which secures uninterrupted feedstock supplies to the refinery and provides for production offtake as well as necessary working capital level. The new owner will retain jobs and ensure health and safety conditions.