September 3, 2012 / 6:11 PM / 5 years ago

Italy's ERG sells refinery stake to Lukoil for 485 mln euros

MILAN, Sept 3 (Reuters) - Italian energy group ERG said on Monday it had completed the sale of a 20 percent stake in the ISAB refinery in Sicily to Russian oil major Lukoil for 485 million euros.

At the end of January ERG said it had agreed to sell the 20 percent stake in ISAB to Lukoil as it moved to cut its exposure to the crisis-hit sector.

It had said then that the stake was worth 400 million euros.

ERG started reducing its stake in ISAB in 2008 when it sold 49 percent of the refinery to Lukoil with an option to sell the rest within four years in one or more installments.

Reporting By Stephen Jewkes

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