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ERG SpA Announces Closing for Exercise of Put Option on 20% Stake in Joint Venture with NK Lukoil OAO

Monday, 3 Sep 2012 11:43am EDT 

ERG SpA announced that the closing for the transaction concerning ERG's exercise of a put option on a 20% stake in the share capital of ISAB Srl sold to NK Lukoil OAO (Lukoil) was perfected on September 3, 2012. Through this transaction, Lukoil acquires 20% stake in the joint venture established to operate the ISAB refining complex located in Priolo (Sicily).The payment made by Lukoil to ERG amounted to EUR 485 million, including the inventory value. As a result of the transaction, Lukoil holds an equity interest of 80% in ISAB, with ERG holding the remaining 20%. 

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11:30am EDT