Italys ERG in Lukoil Deal
ERG SpA, Italy’s largest independent refiner, said Tuesday signed a joint venture deal with Lukoil, Russia’s largest private oil company.
ERG said in a statement that a new company will be created — 51 percent owned by the ERG Group and 49 percent by Lukoil.
ERG will contribute the assets of its refinery in Priolo, a town in eastern Sicily, for which Lukoil agreed to pay 1.3 billion euros ($2 billion).
The facility has a total capacity of about 320,000 barrels per day.
