U.S. fund and Indonesian oil group to make offer for Sicilian refinery ISAB
A large U.S. fund specializing in energy and infrastructure is set to make an offer for the ISAB refinery in Sicily, with the backing of an Indonesian oil group, Italian financial newspaper MF reported on Thursday, without naming the fund.
Cypriot private equity fund G.O.I. Energy has owned the refinery since buying it from Russian energy group Lukoil in 2023. The plant accounts for around a fifth of Italy's refining capacity.
The U.S. group, which has already invested in Italy but does not want to be named, has submitted to G.O.I. Energy a letter of intent and a turnaround plan, MF reported. Its Indonesian partner is likely to be state energy firm PT Pertamina, it added.
The offer comes as small Italian energy group Ludoil is conducting a due diligence process for a potential acquisition of the refinery, located in the town of Priolo on the eastern coast of Sicily.
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