May 14, 2026 [Reuters]- Ludoil has agreed to buy Sicilian oil refiner ISAB from Cypriot private equity fund G.O.I. Energy, the Italian group said on Wednesday, as the Iran war has exposed Europe’s dependency on the Gulf for supplies of jet fuel and other refined products.
“Through this transaction, an asset of vital national importance returns to Italian ownership,” said Ludoil, which is a jet fuel supplier for Rome’s Fiumicino airport.
Italy’s Morattis and Brachetti-Perettis families have in recent years sold their oil refineries to commodity trader Vitol and Azerbaijan’s SOCAR respectively.
Ludoil was already in talks with G.O.I. Energy on ISAB when the United States and Israel struck Iran on February 28.
Ludoil, founded in 1954 by the grandfather of its current chairman and CEO Donato Ammaturo, said consolidated revenue will be above 10 billion euros ($11.7 billion), making the new entity Italy’s leading privately held multi-energy company.
“The acquisition will see ISAB evolve from a traditional refinery into an energy company, underpinning competitiveness, security of supply and the development of new energy value chains,” Ludoil added in a statement.
With a portfolio ranging from coastal storage terminals to a fuel retail network, Ludoil said it aimed to fully integrate ISAB and develop a biofuel business for the refiner.
The deal is structured in two stages, with the first seeing Ludoil acquire a 51% interest in ISAB, subject to several conditions including clearance from the Italian government under its so-called golden power regime.
Ludoil did not say how much it would pay for the stake and did not immediately respond to a request for further details.
ISAB is considered a strategic asset by the government as it accounts for more than 20% of Italy’s refining capacity. G.O.I. Energy bought it from Russia’s Lukoil in 2023.
Ludoil did not say whether an existing agreement with global trading house Trafigura for the supply of raw materials and the purchase of finished products would remain in place. A person familiar with the deal told Reuters that Trafigura will retain its supply and offtake contract with ISAB’s Priolo refinery.
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