Russia's second-largest oil producer
Lukoil said Monday it had reached a deal to sell its refinery
and plant at Priolo near Siracusa in Sicily to G.E.O. Energy.
G.O..I. Energy said it had reached a deal with Lukoil subsidiary
LITASCO to buy the ISAB plant.
The operation's closing is expected by the end of March, it
said.
Reuters quoted Lukoil as saying the deal was conditional on
certain conditions including receipt of necessary approvals of
the authorities, particularly the Italian government.
It also said that Trafigura, the international trader with which
G.O.I, has reached a partnership deal, has secured uninterrupted
feedstock supplies to the refinery and provides for production
offtake as well as necessary working capital level.
ISAB owns the large petrochemical complex combining refining,
gasification and electricity cogeneration plants.
There have been several union demos to save jobs at Priolo.
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