Billionaire Economou Seeks to Replace Trafigura As Partner in Italy’s Top Oil Refinery

(Bloomberg) —

The main investor in Italy’s biggest oil refinery is sounding out trading firms to replace Trafigura Group as the plant’s supply partner.

Greek shipping billionaire George Economou, the main investor in a fund that controls the owner of ISAB Srl, is exploring potential tie-ups with alternative oil traders, according to people familiar with the matter, who asked not to be named because the talks are private. 

The conversations are ongoing and no decisions have been made, they said. Economou is looking for partners who can help increase the refinery’s profitability, the people said. 

Economou is the main investor in Cyprus-based fund Argus, the majority shareholder in GOI Energy, the refinery’s owner, the people said. Though Economou hasn’t publicly acknowledged the investment, he has been actively been engaging in management discussions over the refinery for months. ISAB’s ownership structure was earlier reported by the Financial Times, citing documents.

A representative for Trafigura declined to comment, while representatives for Economou and Argus didn’t reply to emails seeking comment. 

The refinery has a capacity of 320,000 barrels a day and employs about 3,000 people directly and indirectly. 

The plant is deemed a strategic asset by the Italian government, as it produces about 20% of the country’s fuel. It’s key supplier for Sicily, where it’s located.

The Italian government approved GOI Energy’s purchase of the asset from Russia’s Lukoil PJSC in 2023, after sanctions by European countries against Russian entities complicated the plant’s operations. The authorization came with strict rules over operations and employment.

As part of the deal, Trafigura agreed to supply crude to the refinery and to sell its products. 

Earlier this year, ISAB filed for a type of Italian debt restructuring proceeding that’s supervised by a court, as it came under pressure to keep up payments to creditors, including its suppliers. 

© 2025 Bloomberg L.P.

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