Canada’s Zenith Vitality — which is eyeing important progress within the European upstream gasoline sector — mentioned Tuesday it has agreed to purchase the Italian gasoline enterprise of UK-listed Coro Vitality.
Zenith, which already has a small Italian gasoline enterprise, can be operational within the oil sector in Azerbaijan, however desires to develop its gasoline manufacturing actions.
“Consolidation of our Italian portfolio will strengthen Zenith’s credentials as a gasoline producer to assist the acquisition of further gasoline manufacturing belongings in different areas, together with Norway,” Zenith mentioned.
The Coro acquisition — valued at as much as Eur4 million — will add “materials manufacturing” to Zenith’s present Italian operations, it mentioned.
This, it mentioned, would end result within the creation of a “considerably enlarged, income producing, low-risk manufacturing and exploration portfolio.”
Coro’s Italian portfolio consists of 100% working pursuits in 4 producing gasoline concessions: Sillaro, Rapagnano, Casa Tiberi and Bezzecca, in addition to one manufacturing concession which is…