Ludoil Energy
Cyprus-registered Italian multi-energy company acquiring the ISAB Priolo refinery from GOI Energy.
Ludoil Energy signed an 18 May two-phase agreement to buy GOI Energy's 51% stake in Sicily's ISAB refinery, a deal still needing an OFAC transaction licence and Italy's final Golden Power order; GOI, not Lukoil, has owned ISAB since May 2023.
Last refreshed: 31 July 2026 · Appears in 1 active topic
Why has Ludoil been cleared to negotiate for seven months without receiving authority to buy?
Timeline for Ludoil Energy
Agreed to buy ISAB from GOI Energy under an 18 May share-purchase agreement
European Oil Markets: ISAB is on the wrong sanctions clockMentioned in: FAQ 1224 sets Lukoil sale conditions
European Oil MarketsSigned the 18 May 2026 agreement to buy ISAB from GOI Energy
European Oil Markets: GL 131G's perimeter never included ISABRetained negotiation rights but remained barred from operating or closing the acquisition
European Oil Markets: Seventh licence keeps ISAB Priolo openMentioned in: ISAB Priolo's OFAC clock runs out
European Oil MarketsBackground
Ludoil Energy is an Italian multi-energy company registered in Cyprus. On 18 May 2026 it signed a two-phase share purchase agreement to acquire GOI Energy's stake in the ISAB refinery complex at Priolo Gargallo, Sicily, an initial 51% with the remainder to follow.
GOI Energy has owned ISAB since Lukoil's Swiss trading Arm Litasco sold it in May 2023 with Italian government approval; ISAB has not been part of Lukoil's corporate structure since. The residual link is a debt dispute, not an ownership stake: Lukoil holds a roughly EUR150m claim against GOI, backed by a September 2024 Milan court order seizing GOI's ISAB share capital pending settlement. This sits apart from OFAC's General Licence series, which authorises only Lukoil International GmbH and its 50%-plus units to negotiate sales of Lukoil's own assets and has never named ISAB, Priolo Gargallo or Ludoil.
ISAB has a nameplate capacity of roughly 320,000 barrels a day, among southern Europe's largest crude-processing plants, supplying diesel and jet fuel across the central Mediterranean. If the acquisition completes, Ludoil would become Italy's largest privately-held multi-energy company by revenue, with turnover above EUR10 billion.
Ludoil buys from an Italian seller
Ludoil is negotiating to buy ISAB from GOI Energy, not from Lukoil: GOI has owned the refinery since Litasco sold it in May 2023, three years before OFAC's General Licence series, most recently renewed as GL 131H on 24 July, ever existed. That series authorises only Lukoil International GmbH and units it holds 50% or more of to negotiate sales, and has never named Ludoil, ISAB or Priolo Gargallo.
What Ludoil actually needs before it can complete the purchase are a transaction licence from OFAC covering its own deal, Italy's final Golden Power order, and resolution of the Milan court's seizure order against GOI's ISAB share capital over an unrelated debt claim. Seven months of coverage tying its wait to Lukoil's rollover cycle has been watching the wrong clock.
Reference
How large is the ISAB refinery in Sicily?
Is Ludoil Energy buying ISAB from Lukoil?
What is blocking the ISAB sale from closing?
Has the ISAB refinery sale to Ludoil been approved?
What is Ludoil Energy and why is it buying the ISAB refinery?
Why does the ISAB refinery sale need an OFAC licence?
What would Ludoil Energy become if it completes the ISAB acquisition?
