May 11, 2012:

Italy's energy group ERG is on track to exit its refining business and will take a final decision next year, ERG chief executive said on Friday. "We have a clear path to exit refining business," ERG CEO Luca Bettonte said in a conference call with analysts. ERG, which at the end of January agreed to sell a 20 percent stake in its main ISAB refinery in Sicily to Russian oil major Lukoil, has an option to sell its remaining 20 percent to Lukoil in October 2013.

By Reuters