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Ludoil Energy acquisition of ISAB refinery

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2026-10-04 12:14 UTC → 2026-10-04 16:14 UTC · added ~~removed~~

Ludoil Capital, a subsidiary of Ludoil Energy, has completed the acquisition of a 51% stake in the ISAB refinery from Goi Energy. The transaction, valued at approximately one billion euros, received approval through the Italian government’s Golden Power procedure and cleared antitrust and European foreign subsidy regulations. Following the acquisition, Ludoil announced a five-year industrial plan involving approximately 1.3 billion euros in capital investments. The strategy aims to restore refinery efficiency by modernizing decommissioned units and accelerating a transition toward biofuels production, including HVO, BIO-ETBE, bio-gasoline, and Sustainable Aviation Fuel (SAF). The project is expected to impact local employment, with projections suggesting the involvement of approximately one thousand additional workers in the industrial area. Financial support for the acquisition was provided by Bper, UniCredit, and MPS, with assistance from Sace guarantees. The new governance includes Marco Russo Spena as chairman and Paolo Fedeli as CEO. In response to the acquisition, the CGIL trade union has demanded guarantees regarding industrial strategy, employment stability, training, and workplace safety. While expressing support for the transition toward renewable energy, the union has called for discussions with the new ownership to clarify the impact on the Syracuse industrial hub and the detailed investment timelines. Italian Minister of Enterprises and Made in Italy, Adolfo Urso, visited the ISAB industrial complex in the Priolo-Melilli-Siracusa area. Minister Urso emphasized that the refinery, which accounts for over one-fifth of Italy’s refining capacity, is a “strategic pillar for national and European energy security.” He noted that government intervention, including emergency decrees, helped prevent the facility's closure. Ludoil has committed to confirming the current workforce, which includes approximately 1,000 direct employees and 2,000 through related industries.

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