1 Apr 2011 19:14

Lukoil ups stake in ISAB refinery JV to 60%

MOSCOW. April 1 (Interfax) - Lukoil has closed a deal to increase its stake in the joint operating company for the ISAB refinery on Sicily to 60% from 49%, Lukoil said in a statement.

The transaction amount was EUR 205 million, excluding inventory.

ERG's board of directors resolved in January 2011 to sell a 11% stake in the joint venture to Lukoil. This is a partial exercise of ERG's option to sell its stake, which accords with the agreement of 2008 to create the joint venture.