Nicosia, 4 May 2023 – G.O.I. ENERGY LIMITED (hereinafter “GOI”) is delighted to announce that its wholly owned subsidiary G.O.I. ENERGY S.r.l. has successfully completed the acquisition of the entire share capital of ISAB S.r.l. (“ISAB”), previously held by LITASCO S.A. It is noted that prior to its completion, the transaction has received the authorization of Italy’s Prime Minister’s office, according to the golden power regulation.
ISAB’s new era has begun with the appointment of a new board of directors, comprising of Chairman Angelo Taraborelli, Vice-Chairman Michael Bobrov and Directors Ioannis Psichogios and Massimo Nicolazzi.
Through strategic synergies with industrial partners such as Trafigura, GOI aspires to transform the Priolo refinery into one of the most influential energy hubs in Europe. Within this context, ISAB and Trafigura, one of the world’s largest independent traders of oil and oil products, have today signed long-term commercial agreements, which will ensure the continuity of the supply of raw materials, as well as the offtake of finished products. Trafigura will play a key role in ensuring the successful operations of the refinery going forward.
GOI CEO Michael Bobrov stated: “GOI’s acquisition of ISAB is a significant milestone as it marks the beginning of a new era for the refinery. It has been a long, yet successful journey, that has been achieved through constant dialogue and close cooperation with the Italian Government and relevant authorities, to whom we are very thankful. We are now looking forward to sharing our vision with the people of ISAB, the Trade Unions and the local communities, to join forces with them and work closely together so as to ensure that this new era is marked with success for all stakeholders involved.”
For the acquisition of ISAB S.r.l., BonelliErede acted as GOI’s legal advisor, while Ernst & Young acted as its financial advisor.
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G.O.I. ENERGY is a fast-growing energy company that aims to transform the energy landscape in south-eastern Europe. It is the energy sector arm of ARGUS, a powerful, internationally recognized private equity and asset management fund based in Cyprus and regulated by the Cyprus Securities and Exchange Commission. With its cutting-edge know-how, international experience and specialization, G.O.I. ENERGY redefines energy by putting sustainable growth, the environment and people at the center of its philosophy.
Syracuse, January 9, 2023 – LITASCO S.A. (hereinafter “LITASCO” or “the Seller”), 100% subsidiary of LUKOIL, and G.O.I. ENERGY LIMITED (hereinafter “G.O.I. ENERGY” or “the Buyer”) announce that they have reached an agreement regarding the acquisition of ISAB S.r.L. (hereinafter “ISAB”) by G.O.I. ENERGY. The transaction is subject to the fulfilment of certain conditions precedent relating, inter alia, to the obtainment of approvals by all competent authorities, including the Italian Government. The transaction is expected to be closed by the end of March 2023.
ISAB is a petrochemical complex combining refining, gasification and electricity cogeneration plants and consisting of three interconnected production sites. The complex is located in Priolo Gargallo, Syracuse, Italy and is one of the largest industrial sites in Europe.
G.O.I. ENERGY is the energy sector arm of the ARGUS New Energy Fund, managed by a leading private equity and asset management firm in Cyprus. The Buyer represents a partnership of top-tier energy sector and investment experts with long experience in oil refining and oil trading as well as extensive know – how in refinery operational and financial restructuring. G.O.I. ENERGY’s CEO, Michael Bobrov, is also CEO and major shareholder of GREEN OIL ENERGY, which in turn is the major shareholder of BAZAN GROUP, one of the largest and most complex energy groups in Israel, operating the country’s largest integrated refining and petrochemical facility.
Within the context of this transaction, G.O.I. ENERGY has agreed long-term exclusive supply and offtake arrangements with TRAFIGURA, one of the world’s largest independent traders of oil and petroleum products. The agreements will provide a secure supply of oil to the refinery and guaranteed offtake of refined products as well as support for the refinery’s working capital requirements.
The acquisition of ISAB by G.O.I. ENERGY, constitutes one of the most important transactions in the European energy sector, ensures the smooth continuity of the refinery’s operations, an issue of crucial importance for the Italian economy at a national level as well as for the local economy of Sicily. With a profound positive impact on local community, the agreement safeguards jobs at the refinery and promotes health and safety in the working environment.
Mr. Michael Bobrov, CEO of G.O.I. ENERGY, said: “We are delighted to announce that we have reached an agreement with LITASCO. We have a deep understanding of the significance that ISAB has for the Italian economy, Sicily, and the local community. We firmly believe that ISAB has growth potential, and we have a solid business plan to enhance it. We shall act in close coordination with the Italian Government for the next steps“.
For the scope of the transaction, Bonelli Erede acted as G.O.I ENERGY’s legal advisor, while Ernst & Young acted as its financial advisor.
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About G.O.I. ENERGY
G.O.I. ENERGY represents a rapidly growing energy sector company that transforms the energy landscape in Southeastern Europe. G.O.I. ENERGY constitutes the energy arm of ARGUS New Energy Fund. ARGUS Group is an internationally acknowledged, and credible private equity and asset management fund, headquartered in Cyprus and regulated by Cyprus Securities and Exchange Commission. Through its cutting edge know – how, international experience, and unique specialization, G.O.I. ENERGY redefines energy by placing sustainable growth, environment, and people at the core of its philosophy. Michael Bobrov, CEO of G.O.I. ENERGY, is also CEO and major shareholder of GREEN OIL ENERGY, which in turn is the major shareholder of BAZAN GROUP, one of the largest and most complex energy groups in Israel, operating the country’s largest integrated refining and petrochemical facility.
ARGUS is a leading independent provider of global wealth management solutions in Cyprus, providing expertise in all asset classes, including private equity with focus in the energy and telecommunications sectors. With 20 years of proven track record and a high caliber team with demonstrated multi asset experience, ARGUS is characterized by its dynamic investment approach which combines long term strategic targets with tactical views to produce above average investment returns as well as its strict corporate governance and asset protection procedures.