Russian private-sector oil company Lukoil will become the sole owner of the 320,000 b/d Isab refinery on Sicily after Italy’s Erg decided to sell its 20pc stake. Erg’s board approved a move on 9 October to exercise the company’s option to sell its remaining stake to Lukoil in a deal valued at ?400mn ($540mn), excluding crude and products in storage. The transaction should be finalised by the end of this year, according to Erg.
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