$540M Deal Gives LUKoil Full Control of Sicilian Oil Refinery | Business | The Moscow Times:
"Italy's ERG agreed Wednesday to sell its remaining stake in the ISAB oil refinery in Sicily to complete its transformation into a renewable energy company.
The company announced that it will sell its 20 percent of the refinery to Russia's LUKoil for 400 million euros ($541 million). With this transaction, LUKoil will gain full ownership of the facility.
In recent years, ERG has reduced its stake in the plant by exercising a series of put options in favor of LUKoil to exit a sector that has weighed on its profitability.
"With this operation, ERG completes the process of getting out of refining in line with its strategy of investing in sectors that are less volatile," ERG Chief Executive Luca Bettonte said."
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