The FINANCIAL - LUKOIL is offered to acquire 20% in the joint venture to operate ISAB

LUKOIL is offered to acquire 20% in the joint venture to operate ISAB

01/02/2012 04:20 (119 Day 10:41 minutes ago)

The FINANCIAL -- LUKOIL was notified on 31 Jan. that the Board of Directors of the Italian ERG has resolved to sell to LUKOIL 20% in the joint venture. According to LUKOIL the joint venture was established to operate the ISAB refining complex located in Priolo.

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This is a partial exercise of ERG’s option to sell its stake according to the agreement of 2008 to create a joint venture.

Thus, LUKOIL ’s stake in the joint venture can be increased from 60% to 80%.

The transaction closing is expected in the second quarter of 2012. The transaction amount will reach EUR 400 million, excluding inventory.

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