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LUKoil, Russia’s second-largest oil producer and largest privately owned energy conglomerate, has acquired a 320,000 barrels-per-day (bpd) refinery in Priolo, a town in eastern Sicily near Syracuse. Furthermore, LUKoil and Italy’s largest independent refiner, ERG Group, have made an agreement to set up a joint refining venture. The venture will create a new entity of which ERG will own 51 percent and LUKoil will own 49 percent (and ERG will have the option of selling LUKoil parts of its stake over a five-year period).

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November 20, 2008 | 1849 GMT

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