Lukoil Enters Italian Refining JV With ERG

Private Russian oil producer Lukoil has entered into a EUR1.35bn joint venture (JV) with Italy's second-largest refiner ERG. The new company, in which Lukoil will hold 49%, will control ERG's 320,000 barrel per day (b/d) Isab di Priolo refinery in Sicily, which includes a minimum inventory of 745,000 tonnes of crude oil and refined products plus a 99 megawatt (MW) power plant.

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