Illimity Bank provides financing for ISAB refinery upgrade in Italy
Illimity Bank said it had structured a financing deal worth more than 400 MM euros for Italian refinery ISAB, which plans to reduce the environmental impact of its activities under a 1.4-B euro investment plan.
As part of the transaction organized by illimity Bank, the refinery will receive 350 MM euros. It will also get 75 MM euros through a subordinated loan involving some of its shareholders, including Trafigura, illimity said.
The funding will support the first phase of the refinery's 2024-2033 investment plan aimed at strengthening its core business, reducing its environmental impact and developing additional green initiatives, the lender said.
ISAB - which Russia's Lukoil sold to Cypriot private equity fund Green Oil Energy last year - refines 320,000 bpd of crude, accounting for a fifth of Italy's refining capacity.
It directly employs about 1,000 people in the economically depressed southernmost region of Italy.
Related News
- BASF’s Intermediates division produces entire portfolio of acid chlorides and chloroformates at its Ludwigshafen site using renewable electricity credits
- Schneider Electric global study shows energy industry ramping up investment in autonomous operations by 2030 as AI reshapes performance
- Middle East shock gives Dangote refinery leverage as cheap imports dry up
Comments