Italy’s competition authority has cleared energy group Ludoil’s acquisition of Sicily-based oil refiner ISAB, paving the way for a local company to control about one-fifth of Italy’s refining capacity.
Ludoil agreed in May to buy a 51% stake in ISAB from Cypriot private equity fund G.O.I. Energy, subject to several conditions.
The antitrust regulator said Monday that the transaction would not significantly hamper competition in Italy’s refined-products market. It said it would not open a full investigation into the acquisition.
The watchdog also disclosed details of ISAB’s business relationship with global commodity trader Trafigura, which is governed by an exclusive long-term contract running until 2033.
Under the supply and offtake agreement, ISAB is committed to selling about 90% of its refined petroleum products to Trafigura. In return, Trafigura supplies ISAB with crude oil and other raw materials needed for refining, the competition authority said.
The clearance removes a key regulatory hurdle for Ludoil’s acquisition of the Sicilian refinery.
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