Russian oil giant Lukoil has bought a Sicilian oil refinery in a £330m deal with Italy’s ERG energy firm.
The sale comes as ERG refocuses its operations on the renewables industry, with the ISAB Energy gas power station’s sale a part of the reorganisation scheme.
Lukoil had increased its stake in the project over the last few years to 80%, before agreeing the deal for the remaining 20% today in a EUR400million deal.
It comes as Lukoil also agreed a £17million deal to buy the gas-fired ISAB power plant from ERG.