The Russian oil company Lukoil, the previous owner of the Isab refinery in Priolo Gargallo, the largest in Italy, has requested 150 million euros from Goi Energy, the Cypriot private equity company that purchased it in 2023. The sale of the plant was practically mandatory since sanctions on Russia prevented Isab from importing Russian oil or obtaining the necessary credit from banks to purchase crude oil from other sources.
WHAT IS HAPPENING BETWEEN LUKOIL AND GOI ENERGY?
It is unclear – as reconstructed by Mf-Milano Finanza – what the 150 million requested by Lukoil (through its Swiss subsidiary Litasco) from Goi Energy refers to, whether it concerns the balance of the sale price or a commercial matter.
With an injunction notified in July 2024, the Milan court ordered Goi Energy to pay the 150 million requested by Litasco, i.e., Lukoil. The Cypriot fund initiated opposition proceedings, but the order remained in effect and on September 12 the court issued a seizure order, binding the entire share capital of Isab and prohibiting Goi Energy from any act that could remove the shares from the credit guarantee. Goi Energy, explains Mf, has the “possibility to request the conversion of the seizure into cash by depositing a portion of the amount owed before a possible sale of the shares is ordered.”
THE ROLE OF LUDOIL ENERGY OF DONATO AMMATURO
The seizure intertwines with the due diligence launched last January by the Italian energy company Ludoil Energy, founded by Donato Ammaturo, which also controls L’Espresso and which wants – indeed – to acquire Isab.
Ludoil Energy intends to strengthen its presence in the downstream segment of the oil supply chain, related to the production and marketing of fuels; Isab, being one of the largest refineries in the Mediterranean, would make a significant contribution to these plans. A few days ago the company – headquartered in Milan – clarified that there is “an exclusive option contract” with Goi Energy on the Isab operation. The purchase contracts for a controlling stake should be signed shortly. Lukoil is also opposing the contract between Isab and Ludoil Energy for the loading and sale of petroleum products.
Ludoil Energy has also stated it wants to reorient Isab’s production towards advanced biofuels, with a carbon-neutral footprint, such as Hvo (hydrogenated vegetable oil) and Saf (sustainable aviation fuel for aviation). Goi Energy has no experience in refinery management.
HOW MUCH IS ISAB WORTH FOR ITALY
Isab, as mentioned, is the largest refinery in Italy: with about 16 million tons per year, it alone accounts for one-fifth of the entire national refining capacity. The plant also meets 20 percent of Sicily’s electricity demand, employs about a thousand direct workers, and supports more than eight thousand jobs in the surrounding area.
The transfer of the refinery from Lukoil to Goi Energy required a (costly) adaptation of the plants so they could process crude oil qualities different from Russian. Today Isab sources raw materials from twenty different countries. In 2024 – the first year under Cypriot management – it reported a loss in the financial statements of 333 million.
