The Group

ERG is a multi-energy Group, active in the sectors of refining, downstream, electricity generation and it is expanding in the renewable energy sector; it carries out and develops its business with a primary objective of creating value that is sustainable over time, including by means of developing strategic alliances.

ERG is a diversified “multi-energy" Group, active in the sector of coastal refining (through the ISAB refinery in Priolo which is managed by the joint venture with LUKOIL), in integrated downstream (TotalErg, which was established with the joint venture with Total S.A., holds a market share of about 12% ), in the generation and sale of thermoelectric power, steam and gas (ISAB Energy S.r.l., ERG Power S.r.l.) and, through the subsidiary ERG Renew, in the sector of electricity from renewable sources (with an installed capacity of 552MW).

ERG is an acronym for Edoardo Raffinerie Garrone; Edoardo Garrone (1906 - 1963) was the grandfather of the current chairman (Edoardo).

For more information about the shareholders of ERG, see the webpage http://www.erg.it/homeEN/investorRelations/majorShareholders.html. For up-to-date information about “Relevant Shareholdings”, go to the section about Relevant Shareholdings)

For concise information about the ERG Group, you can download the Company Profile or the Fact Sheet.

During 2010, a corporate reorganisation process was completed, designed to shorten the chain of control, via the merger of the ERG Raffinerie Mediterranee and ERG Power & Gas sub-holding companies in ERG SpA. This restructuring permits greater organisational and decision-making efficiency, endowing the Group with an organisation structured in business units, which are more flexible and consistent. For more information about the structure of the ERG Group, go to the relevant section or download the area of consolidation.

2008 was the year of the agreement with LUKOIL, one of the most momentous agreements signed in the history of the Group which, via the creation of a “Newco” ISAB Srl (51% ERG Raffinerie Mediterranee and 49% LUKOIL), led to the formation of a strong partnership in coastal refining activities.
The agreement, announced on 24 June 2008 and concluded on 1 December 2008, provided for the assignment to the Newco of the ERG Raffinerie Mediterranee division comprising all assets of the ISAB Refinery in Priolo.
The company ISAB Srl was established as a result of the joint venture between ERG and LUKOIL. At the beginning of 2011, the Board of Directors of ERG approved the exercise of the put option relating to a stake equal to 11% of ISAB S.r.l.. As a result of this transaction, ISAB is now owned 60% by LUKOIL and 40% by ERG.
In 2010 TotalErg was established: Total and ERG signed an agreement to create a joint venture in the Italian marketing and refining business. Created through the merger of Total Italia and ERG Petroli, the joint venture, which was established on 1 October, was named TotalErg (51% ERG - 49% Total).I
In 2011, the take-over bid (OPA, Offerta Pubblica di Acquisto) was concluded for the totality of ordinary shares of ERG Renew that were not owned.
In 2012 ERG exercised put option on a 20% stake in ISAB. After the transaction, ISAB will own 80% and ERG 20%.

1938 Edoardo Garrone founded ERG in Genoa
1971 ERG, alongside other private groups, joined the project to build the ISAB refinery in Priolo (Syracuse)
1984 ERG purchased 780 service stations from ELF Italiana
1985 ERG acquired Chevron Italia (1,700 sales outlets). ERG’smarket share rose to 5%
1988 ERG took control of ISAB.Activities ceased at the San Quirico Refinery
1993 ERG formed ISAB Energy together with Edison Mission Energy, to build the first oil residue gasification cogeneration plant
1997 ERG flotation on the Stock Exchange
1999 ERG’s fuel market share rose 7%
2005 ERG’s “multi–energy” strategy and its commitment to renewable energy led to the establishment of Ionio Gas S.r.l. (50% ERG Power & Gas S.p.A.and 50% Shell Energy Italia S.r.l.) for the construction andmanagement of a regasification terminal at the ISAB Impianti Nord refinery in Syracuse
2006 ERG acquired a 51.33% equity interest in Enertad, a listed company that operates in the sector of electricity generation from renewable sources;  in 2007 ERG acquired an additional 17.03% stake, taking its shareholding in the company to 68.38%
2007 The restyling of the ERG service stations starts
2008 ERG signs the agreement with LUKOIL which,via the creation of a“newco”ISAB S.r.l. (51%ERGMed,49%LUKOIL), led to the formation of a strong partnership in costal refining activities
2010 TotalErg is born, joint venture with Total, is the third largest Italian operator in the oil product distribution andmarketing sectorwith a Retail network of around 3,300 service stations (market share of about 12%)
2011 ERG exercise of the put option on 11%of ISAB S.r.l. Following the sale, LUKOIL will own 60%of ISAB and ERG 40%.

The Edoardo Garrone Foundation is an operating cultural foundation that was established in Genoa in December 2004 by ERG S.p.A. and San Quirico S.p.A., a holding company of the Garrone and Mondini families, which have always been attentive and committed in the social and cultural field, and it is dedicated to the memory of Edoardo Garrone who set up the ERG Group’s industrial business in 1938.
For further information go to the Edoardo Garrone Foundation web-site.
 

For further information about the history of the ERG Group, read the section “A success story” (link)
On the occasion of ERG’s 70th anniversary in 2008, the book "Dal petrolio all'energia: ERG 1938-2008" (From oil to energy: ERG 1938-2008) was published, edited by Laterza (link).