Ludoil Energy, the Italian energy company founded by Donato Ammaturo, has reached an agreement with the Cypriot private equity firm Goi Energy to acquire Isab of Priolo Gargallo, in Sicily: with a capacity of twenty million tons per year, it is the largest oil refinery in Italy, representing alone one fifth of the entire national refining capacity.
The sale price has not been disclosed.
THE BACKGROUND, IN BRIEF
Goi Energy had bought Isab in 2023 from the Russian oil company Lukoil: the sale of the plant was practically mandatory since the sanctions on Russia did not allow Isab to import Russian oil, nor to obtain from banks the credit necessary to purchase crude oil from other sources.
Last January Ludoil Energy had initiated a due diligence to acquire Isab, explaining that it wanted to reorient production towards advanced biofuels with a carbon-neutral footprint, such as HVO (hydrogenated vegetable oil) and SAF (sustainable aviation fuel).
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ISAB WILL RETURN TO ITALIAN LEADERSHIP…
“With this operation”, reads the statement released by Ludoil Energy, “an essential industrial asset for the country will return under Italian leadership”: it was so until 2008, when the then owner Erg – Edoardo Raffinerie Garrone sold it to Lukoil.
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“On the employment front”, the document continues, “the current workforce will be fully preserved”: direct employees number about one thousand.
… BUT FIRST COMES THE GOLDEN POWER
The agreement between Ludoil Energy and Goi Energy must obtain antitrust authority approval, but above all it must be approved by the government pursuant to the golden power legislation, that is the set of special powers the executive can use to protect assets deemed strategic for national interest.
NUMBERS AND SHAREHOLDERS OF LUDOIL ENERGY
Ludoil Energy is a joint-stock company based in Milan with a share capital of 15 million euros, wholly owned by Donato Ammaturo.
Donato Ammaturo is also the chairman of the board of directors; the vice chairman is Luigi Ammaturo, while Anna Angela Ammaturo, Giulia Ammaturo and Vincenzo Francesco Rossi Guarnera are the board members.
In the financial statements as of December 31, 2024 – the latest filed –, Ludoil Energy reported a profit of 10,626,887 euros, compared to a loss of 1,857,620 euros in 2023.
The value of production amounted to 12,317,569 euros (compared to 26,371 euros in the previous financial statement) and costs to 5,156,722 euros (compared to 3,265,979 euros).
Earnings before interest and taxes (EBIT) were 8,065,533 euros. In 2023, the company had recorded a loss of 3,239,608 euros.
BUSINESS AND SUBSIDIARIES
Ludoil Energy defines itself as “an integrated energy group” specialized in storage, transport and distribution of petroleum products: it owns nine depots (in Nola, Civitavecchia, Trieste, Visco and Vibo Valentia), an offshore oil platform for tanker docking (in Civitavecchia), two pipeline lines (between Trieste-Visco and between Civitavecchia and Rome Fiumicino Airport) and 156 service stations (under the Staroil and Iperstaroil brands).
Among the companies controlled by the group are:
- Ludoil Energia (fuel distribution)
- Ludoil Re (fuel distribution under the Staroil brand)
- Iperstaroil (fuel distribution)
- Petroli Investimenti (management of the Civitavecchia platform)
- Sodeco (management of the Civitavecchia terminals)
- Meridionale Petroli (management of the Vibo Valentia terminal)
- Raco (biomethane production in Sicily)
- Engas (biomethane production in Sicily)
- Khaos (waste transformation)
- Luce (renewable energy and biomethane)
- Eos (charging infrastructure for electric mobility)
- Gaia Logistica (reception, storage and distribution of fuels)
Ludoil Energy also controls the weekly magazine L’Espresso.
