LITASCO,  a subsidiary of Russian oil producer Lukoil, has wrapped up the divestment of the ISAB oil refinery in Sicily, Italy, to GOI Energy, a Cyprus-based private equity company.

The deal was approved by the Italian Government in April this year.

Some important conditions were laid down by the Italian Government, which included no job cuts, maintaining environmental standards and a commitment from GOI Energy to not source oil required for the refinery from Russia.

Commenting on the deal, GOI CEO Michael Bobrov said: “GOI’s acquisition of ISAB is a significant milestone as it marks the beginning of a new era for the refinery. It has been a long, yet successful journey that has been achieved through constant dialogue and close cooperation with the Italian Government and relevant authorities, to whom we are very thankful.

“We are now looking forward to sharing our vision with the people of ISAB, the trade unions and the local communities, to join forces with them and work closely together so as to ensure that this new era is marked with success for all stakeholders involved.”

In Italy, ISAB owns a sizeable petrochemical complex with energy cogeneration, gasification and refining facilities.

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By GlobalData

The ISAB refinery has three production sites that are interconnected through a system of pipelines.

The facility refines 320,000 barrels of crude oil a day, which amounts to one-fifth of the country’s total refining capacity.

The refinery in Priolo Gargallo employs nearly 1,000 people.

GOI noted that it plans to turn the refinery into one of Europe’s most significant energy centres through strategic synergies with business partners like Trafigura. In this context, ISAB and Trafigura signed long-term commercial agreements to ensure the continued supply of raw materials as well as the offtake of finished goods.