Ludoil has agreed to buy Sicilian oil refiner ISAB from Cypriot private equity fund G.O.I. Energy, the Italian group said on May 13, according to Reuters, as the Iran war has exposed Europe's dependency on the Gulf for supplies of jet fuel and other refined products. This facility represents more than 20% of Italy’s refining capacity, as Europe faces renewed fuel supply concerns.
"Through this transaction, an asset of vital national importance returns to Italian ownership," said Ludoil, which is a jet fuel supplier for Rome's Fiumicino airport.
Italy's Morattis and Brachetti-Perettis families have in recent years sold their oil refineries to commodity trader Vitol and Azerbaijan's SOCAR respectively. Ludoil was already in talks with G.O.I. Energy on ISAB when the United States and Israel struck Iran on Feb. 28.
Full story Ludoil Buys Strategic Italian Refinery as Europe Fuel Risks Grow
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