Ludoil Energy signs agreement to acquire ISAB, creating Italy’s largest privately held multi-energy company

Subject to clearance under Golden Power and antitrust procedures, the acquisition will see ISAB evolve from a traditional refinery into an Energy Company, underpinning competitiveness, security of supply and the development of new energy value chains.

With ISAB, the Ludoil Group takes a decisive step up in scale and industrial scope: spanning power generation, crude oil processing and advanced biofuels, the enlarged group will become Italy’s leading privately held energy operator, with expected consolidated revenues exceeding €10 billion per year.

Ludoil Capital S.r.l. (www.Ludoil.it), a wholly-owned subsidiary of holding company Ludoil Energy S.p.A. (“Ludoil” or the “Group”), has signed a Sale and Purchase Agreement (“SPA”) with GOI Energy S.r.l. to acquire GOI Energy’s equity stake in ISAB S.r.l. (“ISAB”), owner of the Priolo Gargallo refinery and its associated industrial, logistics and energy infrastructure. The transaction is structured in two phases, the first covering a 51% interest and subject, among other conditions, to clearance from the Italian Government under the special powers regime applicable to assets of national strategic importance (Decree-Law 21/2012, the so-called Golden Power), and to the requisite antitrust and regulatory approvals.

Located in south-eastern Sicily, in the Province of Syracuse and straddling the municipalities of Priolo Gargallo, Augusta, and Melilli, the facility is Italy’s largest refining complex, with an authorised capacity of 20 million tonnes per year and a balanced capacity of 15 million tonnes per year, and represents a strategic infrastructure for national energy security, and represents critical national infrastructure for energy security. Through this transaction, an asset of vital national importance returns to Italian ownership.