Ludoil to invest €1.3 billion in Sicilian oil refiner after acquisition

Bper Banca SpA

23/09/2026 16:58

By Francesca Landini
MILAN, Sept 23 (Reuters) - Italy's Ludoil plans to invest €1.3 billion ($1.5 billion) in Sicilian oil refiner ISAB over the next five years, the family-owned energy company said on Wednesday after announcing it had completed the acquisition of 51% of the refiner.
The purchase from Cypriot private equity firm GOI Energy will bring ISAB back into Italian hands at a time when the Iran war has disrupted refined product imports from the Middle East, sending prices for diesel and jet fuel to record highs.
ISAB accounts for ​more than ⁠20% of Italy's refining capacity and the government had to clear Ludoil's acquisition under its so-called golden power regime.
"At a time of heightened international tensions the government safeguarded the country's main refining hub... ensuring its strategic importance through targeted measures and supporting its return to Italian ownership," Ludoil said in a statement.
Merging ISAB with Ludoil will create an energy group with a turnover of €13 billion, it said.
     
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Ludoil, founded in 1954 by the grandfather of its current chairman and CEO Donato Ammaturo, said it would now start leading the management of the refiner's three sites in Sicily.
The new owner will invest to restart and modernize several mothballed ISAB processing units. It will also fund the production of sustainable aviation fuel and hydrogenated vegetable oil at the refiner.
The refiner is linked to an exclusive long-term contract with global commodity trader Trafigura until 2033.
The supply and offtake agreement commits ISAB to sell approximately 90% of its refined petroleum products to Trafigura while Trafigura supplies ISAB with crude oil and the other raw materials required for refining.
Under the deal with GOI Energy, the refiner was valued at €1 billion including debt.
The financing, backed by a guarantee from Italian export credit agency SACE, was provided by BPER EMII.MI, UniCredit CRDI.MI and Monte dei Paschi BMPS.MI.
GOI Energy was advised on the transaction by law firm BonelliErede.       
     ($1 = 0.8778 euros)

(Reporting by Francesca Landini
Editing by Keith Weir)
((francesca.landini@thomsonreuters.com; +39 02 66129437; Reuters Messaging: reutersitaly.thomsonreuters@reuters.net/))