ERG SpA Sells Remaining 20% in ISAB S.r.l. to NK Lukoil OAO

Wednesday, 9 Oct 2013 12:00pm EDT 

ERG SpA (ERG) announced that the Board of Directors of ERG approved the exercise of a put option on the remaining 20% stake held in the ISAB Refinery, valued at EUR 400 million (excluding inventory). Following this transaction, ISAB S.r.l. will be wholly owned by NK Lukoil OAO (LUKOIL). The transaction closing is scheduled to take place by the end of 2013. Mr. Luca Bettonte, ERG's Chief Executive Officer, commented: with this transaction ERG completes its exit from the refining business, in keeping with the strategy to invest in less volatile sectors. ERG however still maintains presence at the Priolo site by way of the ERG Power and ISAB Energy thermoelectric plants. 

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