Erg is selling an 11% stake in its ISAB refinery to its Russian partner, Lukoil, Reuters reports. The Italian refiner will obtain a total of about $281.2 million from the sale.

After the sale, Lukoil will own 60% of ISAB while Erg will manage the remaining 40%. As part of the deal, ISAB will continue to be jointly managed by the two groups.

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