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.“Net cash coming from this deal is about €1.6 billion ($2.40 billion),” Alessandro Garrone told a conference call on Erg's quarterly results, which were published earlier in the day.
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)