Italian energy group Ludoil has agreed to buy the ISAB refinery in Sicily from GOI Energy, a Cypriot firm linked to Israeli tycoon Beny Steinmetz, ending a three-year saga. The deal, subject to Italy's 'golden power' scrutiny, follows the refinery's sale by Lukoil in 2022 due to EU sanctions. Steinmetz's involvement has been clouded by bribery convictions in Switzerland and Romania. Under previous ownership, operational crises with Trafigura over supply agreements led to losses. Ludoil, controlled by Donato Ammaturo, plans to transform ISAB into an integrated energy company focusing on crude processing and advanced biofuels, preserving jobs in southern Italy, where the plant accounts for a fifth of national refining capacity. Trafigura's supply terms will remain unchanged. This acquisition aims to stabilize ISAB and boost Italy's energy security amidst Europe's refining challenges.

Key Points:

- Ludoil's acquisition ends a prolonged ownership dispute for the ISAB refinery, previously linked to Beny Steinmetz and marred by legal and operational issues.

- The deal requires approval under Italy's 'golden power' regulations, highlighting national strategic interests in key energy assets.

- Ludoil intends to revitalize ISAB as an integrated energy hub with advanced biofuels, preserving jobs and enhancing Italy's refining capacity.

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