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  • ERG completes exit from the refining sector
    édité le 10/10/2013 - Plus de news de "ERG" - Voir la fiche entreprise de "ERG"

ERG completes exit from the refining sector
The Board of Directors of ERG S.p.A., which met, approved the exercise of a put option on the remaining 20% stake held in the ISAB Refinery, valued at 400 million Euro (excluding inventory). Following this transaction, ISAB S.r.l. will be wholly owned by LUKOIL.

The transaction closing is scheduled to take place by the end of 2013 (see Press Release dated 31 January 2012).

Luca Bettonte, ERG's Chief Executive Officer, commented: “with this transaction ERG completes its exit from the refining business, in keeping with the strategy to invest in less volatile sectors. The transaction will allow us to further consolidate our financial structure during the persistently difficult economic situation. ERG however still maintains a significant industrial presence at the Priolo site by way of the ERG Power and ISAB Energy thermoelectric plants.”

About ERG
The ERG Group has been active in the energy industry for over 70 years.
Through its subsidiary ERG Renew S.p.A., it is the largest wind energy producer in Italy (1,062 MW) and the ninth largest in Europe (1,232 MW). It is active in the production and marketing of thermoelectric energy and steam.
The Group also maintains a strategic presence in Oil Marketing through the joint venture TotalErg (51% ERG) and it is also active in refining and logistics through its share of the ISAB Refinery in Priolo (20%) and of the Sarpom Refinery in Trecate (24% TotalErg).

About Lukoil
LUKOIL is one of the world's biggest vertically integrated companies for production of crude oil & gas, and their refining into petroleum products and petrochemicals. The Company is a leader on Russian and international markets in its core business.
Every day millions of people in 30 countries of the world buy our products, and use those products to improve the quality of their lives.
Every day more than 150,000 people unite their efforts and talents to give our Company leading market position.

See the site of ISAB North refinery
See the site of ISAB South refinery

Origine : Communiqué ERG

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