Priolo (Siracusa East Sicily) bunker isab petrol Erg Refinery acquisita totalmente da Lukoil Russia - Sicily Energy oil dialogue Sept 2012

Giovedì 6 settembre 2012 | 11:53
Priolo (Siracusa East Sicily) bunker isab petrol Erg Refinery acquisita totalmente da Lukoil Russia - Sicily Energy oil dialogue Sept 2012

LOOK AND SEE Sept 2012 Нефтегазовое оборудование

oil no oil gets control of the oil refining complex Lukoil in Sicily & South Europe

Lukoil Buys Stake in Sicily ISAB Refinery for $503 Million - (.485 Million)

The deal, which was announced in January 2012, came after ERG exercised its put option on the stake.

- This transaction allows ERG to downsize its presence in the refining business against a background of continuing crisis and to further consolidate the Group's financial structure with a view to supporting its future development projects during a difficult financial period," ERG's Chief Executive Officer Alessandro Garrone commented at the time.

ERG has a put option on their remaining 20% stake in ISAB and said in January 2012 the lock-up period for which was extended until October 1, 2013.

ERG has been reducing its stake in the business since 2008 when it sold a 49% stake in the refinery to LUKOIL.

- The refinery is said to have a capacity of approximately 320,000 barrels per day.

Last month, LUKOIL gained ConocoPhillips' [NYSE:COP] 30% interest in the Naryan Mar Nefte Gaz facility.


Sicily & Russia cooperation with LUKOIL

An example of joint entry by Russia and Italy on to the oil markets of third countries is provided by the cooperation between LUKOIL and ENI in Kazakhstan at the Karachaganak field, one of the biggest oil and gas condensate reservoirs in the world.

Development of this field, covering an area of 280 km2 and with reserves of over 1.2 billion tons of oil and condensate and more than 1.35 trillion m3 of gas, is under the management of four international companies: the BG Group and ENI (32.5% each), Chevron (20%) and LUKOIL (15%).

The cooperation between LUKOIL and ENI has a long history. Back in 1994, for instance, Agip and LUKOIL founded, on a parity basis, the LUKAgip joint venture to implement oil production projects in Northern Africa and on the Caspian.
Another joint project with share participation was development of the offshore gas condensate field Shah-Deniz in Azerbaijan.

in 2004, LUKOIL bought up ENI's stake in JV LUKAgip, thus increasing its participation in the Shah-Deniz project to 10% and in the Meleiha projects (Egypt) to 24%.

Yet, the clearest example of cooperation between LUKOIL and Italian companies was the creation, in December 2008, of a joint venture between LUKOIL and ERG for managing the Italian refining complex ISAB.

The ISAB complex in Sicily includes 2 refineries connected by a system of pipelines and integrated into a unified complex with a refining capacity of 16 million tons of crude per year.

/////// The complex is capable of refining Urals brand oil, thereby providing LUKOIL with an excellent opportunity to integrate it into its own chain of export supplies.

Besides, according to the 2008 results, the aggregate amount of oil refined at LUKOIL refineries, including the ISAB complex, reached a record 56.3 million tons, which was an almost 8% increase over the previous year's figure.

///// In addition, it is very likely that LUKOIL will become a participant on Italy's retail market for petroleum products.

///// In a media interview, LUKOIL Italia General Director Nazim Suleymanov announced that the oil company was counting on becoming a major player in Italy's gasoline filling station business.

The Company has so far set its sights on a 5% share of the retail fuel market.

///// The interest shown by the companies of the 2 countries in the fuel and energy complex has grown considerably in recent years.

Positive trends can be observed in the sphere of trade in energy resources, too.

The many years of mutually beneficial business cooperation, as well as positive experience of cooperation between the partner countries' political circles, ensure further success in development of the Russia-Italy energy dialogue.

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TAGS: Lukoil sept 2012, hydrocarbon processing - isab Priolo - siracusa, Lukoil Buys Stake in Sicily ISAB Refinery - rebranding - sicilydistrict, Nazim Suleymanov - Ceo Lukoil Europe, Direttore Generale John Nixon, Direttore Programmazione Oleg Vedernikov, Erg, Alessandro Garrone, Vagit Alekperov, Top Russian Companies 2012, LUKOIL HISTORY, Lukoil Holdings, refining and petrochemicals energy - business


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