The Isab refinery in Priolo changes hands: from Lukoil to the Cypriots of Goi Energy
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Change of ownership for the Isab refineries in Priolo, in the industrial area of Syracuse. A little more than two months after the signing of the agreement between the Russian Lukoil, which through the Swiss Litasco controls the Sicilian refineries, and the Cypriot company Green Oil (Goi) Energy, the closing of the operation was announced which, according to some sources, is worth close to the dossier, one and a half billion euros. The two companies have decided to close the deal thanks to the official communications received from the Italian government on the golden power front: the DCPM has not yet been published in the Official Gazette but in recent weeks the go-ahead for the operation was announced with some requirements and obligations for the buyer both as regards future investments and as regards the maintenance of the workforce and the production level of the Sicilian site.
Green Oil Energy is led by Michael Bobrov and is in turn the majority shareholder of Bazan Group, one of the largest and most complex energy groups in Israel, which operates the largest integrated refining and petrochemical plant in the country. In this operation, the Cypriot company has Trafigura, one of the largest independent traders of oil and petroleum products in the world, at its side. In a press release, Goi announced that, through strategic synergies with industrial partners such as Trafigura, it aims to transform the Priolo refinery into one of the most important energy hubs in Europe. Isab and Trafigura, one of the largest independent oil and petroleum products traders in the world, today signed long-term commercial agreements, which will guarantee continuity in the supply of raw materials and in the purchase of finished products. “Trafigura will play a key role in ensuring the full operation of the refinery in the future,” they explain.
«The acquisition of Isab by Goi represents a milestone, as it marks the beginning of a new era for the refinery – comments Michael Bobrov, CEO of Goi -. It has been a long but successful journey, achieved thanks to the constant dialogue and close collaboration with the Italian Government and the competent authorities, to whom we are very grateful. We now look forward to sharing our vision with Isab employees, social partners and local communities, and to join forces and work closely together to ensure this new chapter is marked by success for all stakeholders involved ».
Following the completion of the sale, Goi appointed a new Isab board of directors: president Angelo Taraborelli, vice president Michael Bobrov and directors Ioannis Psichogios and Massimo Nicolazzi. As part of the transaction, BonelliErede acted as legal advisor to GOI, while Ernst & Young acted as financial advisor.
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