ERG 3Q 2013 Net Profits Dip Year-on-Year; Refinery Sold to Lukoil

摘要

Italy-based oil refiner, integrated gasification combined cycle (IGCC) power producer and renewable-energy producer ERG announced November 13 that its third-quarter (3Q) 2013 replacement-cost net profit dipped to ?11 million (US$14.8 million), from ?12 million (US$16 million) in 3Q 2012. The company confirmed that it will exit the main part of its oil-refining business once it completes the sale of its remaining 20% interest this year to Russian oil major Lukoil, for ?400 million (US$538 million). Meanwhile, ERG is boosting its investments in renewable power and continues to see profits in its IGCC power sales.