Illimity, Trafigura lend money to Italian refinery for energy transition
31/07/2024 14:47
MILAN, July 31 (Reuters) - Illimity ILTY.MI and
commodity trader Trafigura have teamed up to lend more than 400
million euros ($434 million) to Italian refinery ISAB, which
will invest 1.4 billion euros in the next decade to strengthen
its business and make it greener.
Italy's illimity Bank said on Wednesday it had structured
350 million euros of financing for ISAB.
The hydrocarbon refinery based in Sicily 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)
((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))