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Lukoil invests 1.35 billion euros in Italian refinery ERG: company
0 Comments | AFP, June, 2008
MILAN (AFP) — Russian oil producer Lukoil is to pay 1.35 billion euros (2.1 billion dollars) to buy 49 percent of a refinery owned by Italian group ERG, ERG announced on Tuesday.
The acquisition gives Lukoil vital access to downstream refining capacity in Europe, a key objective for Russian oil producers, and is the biggest Russian investment in Italy, the newspaper Il Sole 24 Ore reported.
The two companies are to create a joint company grouping their holdings in the Priolo refinery on the southern Italian island of Sicily, which has a capacity of 320,000 barrels per day.
ERG has an option to sell its 51 percent in the joint company within five years.
© 2008 AFP
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