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ERG completes exit from the refining sector
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.”

date.png12 Oct 2013 08:26 | comments.png 0 Comments | tags.png erg europe italy lukoil refinery [ More ]

Closing for exercise of put option on 20% of ISAB
The closing for the transaction concerning ERG's exercise of a put option on a 20% stake in the share capital of ISAB S.r.l. (see press release dated 31 January 2012) was perfected today.

date.png04 Sep 2012 15:04 | comments.png 0 Comments | tags.png erg europe itlay lukoil refinery [ More ]

ERG pulls out of LNG regasification terminal development project in Sicily
At its meeting earlier today, the ERG S.p.A. Board of Directors resolved to withdraw from the project to build a Liquefied Natural Gas (LNG) regasification terminal in the Municipality of Melilli (province of Syracuse), with an annual capacity of 8 billion cubic metres.

date.png31 Jul 2012 20:30 | comments.png 0 Comments | tags.png erg europe italy lng [ More ]

TotalErg: Raffineria di Roma transformation project approved
ERG is pleased to announce that the Board of Directors of investee company TotalErg (51% ERG – 49% Total), which met today, has approved the project for the transformation of the industrial site of its wholly-owned subsidiary Raffineria di Roma into a major logistics hub for the storage and handling of petroleum products.

date.png18 May 2012 05:23 | comments.png 0 Comments | tags.png erg europe italy refinery total [ More ]

Lukoil Acquires 20% of ISAB
LUKOIL was notified today that the Board of Directors of the Italian ERG has resolved to sell to LUKOIL 20% in the joint venture. The joint venture was established to operate the ISAB refining complex located in Priolo (Sicily).

This is a partial exercise of ERG’s option to sell its stake according to the agreement of 2008 to create a joint venture.

Thus, LUKOIL’s stake in the joint venture can be increased from 60% to 80%.

The transaction closing is expected in the second quarter of 2012. The transaction amount will reach EUR 400 million, excluding inventory.

date.png06 Feb 2012 09:25 | comments.png 0 Comments | tags.png deals erg italy lukoil refinery [ More ]

TotalErg is born
TotalErg is operational from today. In fact, the merger between ERG Petroli and Total Italia (press release dated 28 January 2010) is now effective, following the closing of the joint venture transaction between shareholders ERG (51%) and TOTAL (49%).

date.png04 Oct 2010 06:32 | comments.png 0 Comments | tags.png erg investing italy refinery total [ More ]
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