In January 2012, the group had agreed to sell the 20% stake in ISAB to the Russian oil major as it planned to cut its exposure to the sector.

After the transaction, Lukeoil holds an equity interest of 80% in ISAB, while ERG keeps the remaining 20% interest.

The firm had started divesting its stake in ISAB in 2008 when it sold 49% of the refinery to Lukoil with an option to sell remaining within four years.

The group is active in the sector of coastal refining through the ISAB Refinery in Priolo.