Ludoil closes acquisition of 51% of Isab: 1.3 billion investments in Priolo
Italy's Ludoil takes the lead of the Isab refinery in Priolo. The company of the Ammaturo family finalized the purchase of 51% from Cyprus' Goi Energy, closing an operation announced on 13...
Ludoil, an Italian company owned by the Ammaturo family, has acquired a 51% stake in the Isab refinery in Priolo from Cyprus-based Goi Energy. The acquisition, valued at an enterprise value of €1 billion for the entire Isab, was announced on May 13 and has been approved by the Italian Government and antitrust authorities. Ludoil plans to invest around €1.3 billion over the next five years to upgrade the refinery and develop biofuels production, with the goal of increasing processing capacity and producing lower-sulfur distillates.
The company has confirmed that it will retain all of Isab's current employees and expects to create around 100 new jobs for technicians and specialized operators.
Written by urgent.news from Il Sole 24 Ore's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
