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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.
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