MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI BRIEF: China Aims To Digitalise 70% Of Firms By 2025

MNI BRIEF: Q1 Cross Border Activity Up 117.8% - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: EUROZONE FEB CONSTRUCTION OUTPUT +1.8% M/M, -0.4% Y/Y

Q1 Industry Survey Suggests H1 Growth Tailwind

Indonesian Sov Curve Flattens, Barclays See BI Cutting Next Week

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Talks For Takeover Of Italy’s ISAB Refinery Continue

REFINING

US private equity Group Crossbridge has restarted talks to buy Italy’s ISAB refinery from Lukoil, pushing to get a deal done before 5 Dec, according to the FT.

  • Talks began earlier this year but came to a halt in October. Any deal will require the backing of the Italian government.
  • Crossbridge Energy Partners is negotiating an agreement with Lukoil that would value the refinery at €1bn-€1.5bn. Vitol would help to finance a deal and would receive a supply and offtake agreement.
  • Trafigura has also held talks with Lukoil about a potential deal in case negotiations with Crossbridge fall apart.
  • Italy is planning to buy a minority stake in the Switzerland-based company that Lukoil uses to control the refinery.
  • Italy wants to ensure that ISAB has sufficient funds before takeover talks advance. The refinery needs almost €1bn, but lenders have refused to reopen credit lines. Italy are seeking assurances from US authorities that the lenders would not incur fines for breaching sanctions against Russia now or in the future.
BulletEnergy BulletsHomepageCommodities
BulletEnergy BulletsHomepageCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.