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    LKOH   RU0009024277

LUKOIL

(LKOH)
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End-of-day quote Moscow Micex - RTS  -  2022-07-07
3911.00 RUB   -1.14%
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Italy poised to decide whether to block Lukoil refinery sale

03/17/2023 | 11:04am EDT
FILE PHOTO: Italy works to keep Lukoil refinery going as sale talks drag on

ROME (Reuters) - Italy's cabinet is expected to decide next week whether to use its anti-takeover powers to block the sale of a Lukoil-owned refinery to Cypriot private equity firm G.O.I. Energy, two sources close to the matter told Reuters on Friday.

Prime Minister Giorgia Meloni's government wants to have a say in the negotiation as Lukoil's ISAB plant in Sicily refines 320,000 barrels of crude per day, accounting for a fifth of Italy's refining capacity and employing around 1,000 people.

The government has the power to veto the transaction under "golden power" regulation designed to shield industries deemed of strategic importance in sectors such as banking, energy, telecoms and health.

Lukoil said in January it had reached a preliminary deal to sell the refinery to G.O.I Energy, paving the way for its first significant asset disposal since Moscow's invasion of Ukraine.

With backing from commodity trader Trafigura, G.O.I. Energy has so far prevailed over several suitors for the refinery, including U.S. investment platform Crossbridge.

The decision on ISAB will likely be on the agenda of next week's cabinet, one of the sources said, asking not to be named due to the matter's sensitivity. Meloni's government ministers usually meet on Thursday.

Industry Minister Adolfo Urso has repeatedly said Rome would ensure that jobs are protected and environmental standards maintained in the sale of the plant.

Since the golden power was introduced in 2012, government authorities have blocked foreign forays into Italy just eight times.

In six cases, the vetoes stopped Chinese bids, while another last year rejected an attempt by Russia's state-owned atomic company Rosatom to acquire Faber Industrie, an hydrogen company.

Some media outlets have speculated that the United States is concerned over the sale of the Priolo refinery because the plant is only about 50 kilometres away from a NATO base in Sigonella.

In response, G.O.I Energy issued a statement last month saying neither the company nor its CEO, Michael Bobrov, has any connection with Russia.

(Editing by Barbara Lewis)

By Giuseppe Fonte and Angelo Amante


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
LUKOIL -1.14% 3911 End-of-day quote.0.00%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.04% 77.2669 Delayed Quote.5.47%
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Financials (USD)
Sales 2021 9 268 B - -
Net income 2021 773 B - -
Net Debt 2021 80 468 M - -
P/E ratio 2021 0,08x
Yield 2021 -
Capitalization 2 534 B 32 889 M -
EV / Sales 2020 0,67x
EV / Sales 2021 0,47x
Nbr of Employees 101 374
Free-Float 88,2%
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Income Statement Evolution
Managers and Directors
Vadim Nikolayevich Vorobyov Chairman-Management Board
Pavel Lukoil Zhdanov Vice President-Finance
Roger Llewelyn Munnings Independent Director
Lyubov Nikolayevna Khoba Director
Victor Vladimirovich Blazheev Vice Chairman
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