Ludoil chiude l’acquisto del 51% di Isab: 1,3 miliardi di investimenti a Priolo

Italian company Ludoil has taken control of the Isab refinery in Priolo, completing a 51% purchase from Cypriot investors Goi Energy. The deal, announced on May 13th and cleared by the government's Golden Power review, bypassed Antitrust and EU foreign subsidy regulations. The enterprise value of Isab is estimated at one billion euros, but the price paid for the 51% stake is not disclosed.

The financing, backed by Sace guarantees, was provided by Bper, UniCredit (global coordinators) and Mps (bank agent). Ludoil now plans to invest around 1.3 billion euros over the next five years, with funds earmarked for both the traditional refinery and biofuels. Plans include reviving and modernizing idle units, such as the primary distillation and desulfurization sites in the North and solvent deasphalting and thermal cracking in the South. The company aims to boost processing capacity and sulfur-free distillate production.

In July, Isab started co-processing at its North site, blending traditional and organic feedstocks in an existing unit. The project aims to use non-food vegetable oils to produce sustainable aviation fuel (Saf) and Hvo, a biofuel suitable for gasoline replacement. Initial use of current plants is followed by dedicated units. Ludoil confirms retaining the entire Isab workforce, with around a thousand additional jobs created across engineering, logistics, and construction in the next five years. Approximately 100 new technicians and specialized operators are also planned for plant management.