Russia’s largest private oil producer Lukoil announced the sale of its ISAB refinery in Sicily.

LITASCO S.A., which is a subsidiary of Lukoil Group, reached an agreement to sell Italy’s largest ISAB refinery. The deal is scheduled to close by the end of March 2023 after meeting the conditions precedent, which includes obtaining the necessary approvals from regulators, particularly the Italian government.

ISAB combines a large petrochemical complex in Italy, which includes a refinery, a gasification plant and a power plant.

The buyer, G.O.I. ENERGY, has formed a partnership with TRAFIGURA, one of the largest international traders of crude oil and refined products, which will ensure the continuous supply of refinery feedstock and product shipments, as well as the necessary level of working capital. The new owner will ensure the preservation of jobs and safe working conditions at the facility.

G.O.I. Energy is the energy arm of the Argus New Energy Fund with expertise in all asset classes. G.O.I. Energy is a partnership of leading experts with extensive experience in refining, oil trading, and financial restructuring in refining. G.O.I. Energy investors have a controlling interest in the Bazan Group, one of Israel’s largest energy companies, which owns the country’s largest refining complex.