ERG completes exit from the refining sector

abarrelfullabarrelfull wrote on 12 Oct 2013 08:26
Tags: erg europe italy lukoil refinery

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The Board of Directors of ERG S.p.A., which met today, 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.”

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