Russia: LUKoil President Meets Russian President

According to Neftegas, the meeting included Lukoil’s deal with Italian company ERG S.p.A. to set up a joint venture to manage the ISAB oil refinery complex in Sicily. LUKOIL will have a 49-percent stake in the venture. The ISAB refinery can process Urals brand oil, making it possible for LUKOIL to integrate it into its export supply chain.

As the Presidential Press and Information Office Internet Department reported, President Medvedev noted that Italy is one of Russia’s key partners and said the project will be good for developing future relations.

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