Erg sees €1.6 bln cash from plant stake sale
Erg should get more than €1 billion in net cash from the sale of a stake in a plant to Russia's Lukoil, the Italian refiner's chief executive said on Thursday.
In June, Erg said in a statement it had agreed to sell 49% of its core Mediterranean ISAB refinery plant to Lukoil for €1.347 billion.
It aims to close the deal by year-end.
Garrone did not explain why the net cash amount from the sale would be higher than the value of the stake sale given in the June 24 statement. (Reuters)
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