Illimity structures 425 mln euro financing for clean up of Italian refinery (updated)
31/07/2024 17:47
(Recasts to focus on refinery clean up, deal structure)
MILAN, July 31 (Reuters) - Illimity Bank ILTY.MI said
on Wednesday it had structured a financing deal worth more than
400 million euros ($434 million) for Italian refinery ISAB,
which plans to reduce the environmental impact of its activities
under a 1.4 bln euro investment plan.
As part of the transaction organised by illimity Bank, the
refinery will receive 350 million euros.
It will also get 75 million euros through a subordinated
loan involving some of its shareholders, including Trafigura,
illimity said.
The funding will support the first phase of the refinery's
2024-2033 investment plan aimed at strengthening its core
business, reducing its environmental impact and developing
additional green initiatives, the lender said.
ISAB - which Russia's Lukoil LKOH.MM sold to Cypriot
private equity fund Green Oil Energy last year - refines 320,000
barrels per day of crude, accounting for a fifth of Italy's
refining capacity.
It directly employs about 1,000 people in the economically
depressed southernmost region of Italy.
($1 = 0.9220 euros)
(Reporting by Francesca Landini Editing by Mark Potter,
Kirsten Donovan)
((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))