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LITASCO S.A. – G.O.I. ENERGY LIMITED: THE ACQUISITION OF ISAB REFINERY IN PRIOLO GARGALLO HAS BEEN SUCCESSFULLY COMPLETED

Nicosia, 4 May 2023 – G.O.I. ENERGY LIMITED (hereinafter “GOI”) is delighted to announce that its wholly owned subsidiary G.O.I. ENERGY S.r.l. has successfully completed the acquisition of the entire share capital of ISAB S.r.l. (“ISAB”), previously held by LITASCO S.A. It is noted that prior to its completion, the transaction has received the authorization of Italy’s Prime Minister’s office, according to the golden power regulation. 

ISAB’s new era has begun with the appointment of a new board of directors, comprising of Chairman Angelo Taraborelli, Vice-Chairman Michael Bobrov and Directors Ioannis Psichogios and Massimo Nicolazzi. 

Through strategic synergies with industrial partners such as Trafigura, GOI aspires to transform the Priolo refinery into one of the most influential energy hubs in Europe. Within this context, ISAB and Trafigura, one of the world’s largest independent traders of oil and oil products, have today signed long-term commercial agreements, which will ensure the continuity of the supply of raw materials, as well as the offtake of finished products. Trafigura will play a key role in ensuring the successful operations of the refinery going forward.