LUKOIL has completed the acquisition of the remaining 20% stake in the joint venture managing the ISAB oil refining complex near Priolo, Sicily, from Italy's ERG, thus becoming the sole owner of this enterprise, according to LUKOIL's statement.
The transaction amounted to EUR 400 million net of the working capital adjustment.
The agreement to establish the joint venture to run the ISAB complex was signed in 2008. At that time, LUKOIL owned 49% and ERG 51%. Among other things, the agreement provided for the Italian company's option to sell its share to LUKOIL on a stage-by-stage basis.
In 2011, LUKOIL raised its stake in the joint venture to 60% and in 2012, to 80%.
The ISAB complex includes two refineries connected by a pipeline system and integrated into a single engineering complex with a total capacity of 16 million tons a year, a tank battery with a capacity of 3.7 million cubic meters, and 3 marine terminals.
OAO LUKOIL (tax number: 7708004767) is Russia's second largest oil producer. The company's authorized capital is RUB 21,264,081.375 represented by 850,563,255 common shares at par value of RUB 0.025 currently in circulation. The largest block of the company's shares is owned by its management.
In 2012, LUKOIL reduced oil production by 0.9% to 89.9 million tonnes. As of the start of 2012, LUKOIL's proved reserves of hydrocarbons under SEC standards amounted to 17.3 billion barrels of oil equivalent.
US GAAP net profit of LUKOIL for January-September 2013 decreased by 6.3% to $7.79 billion from $8.316 billion for the same period in 2012. Sales revenue went up 2.3% to $105.56 billion from $103.152 billion. Net earnings per share decreased by 5.4% to $10.32 c $10.91.
According to the information and retrieval system DataCapital, RAS net profit of LUKOIL for H1 2013 fell by 42% to RUB 156.4 billion.