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6 Nov 2022


Italy to scrutinise sale of Lukoil-owned refinery to prevent job cuts & maintain fuel production, minister says

Italy to scrutinise sale of Lukoil-owned refinery, minister says, 6 November 2022

The Italian government intends to scrutinise the potential sale of a refinery owned by Russia's Lukoil in Sicily to prevent job cuts and the loss of fuel production for the country, Industry Minister Aldo Urso said...

The ISAB refinery accounts for around 20% of Italy's refinery capacity and directly employs 1,000 workers in one of Italy's poorer regions.

Lukoil had been in talks with U.S. investment platform Crossbridge Energy Partners to sell ISAB in a move that would have helped avoid the halt of the refinery due to an upcoming embargo on Russian oil.

The Russian group, however, has rejected Crossbridge's offer, the Financial Times reported...putting pressure on the government to find solutions to avert the refinery's bankruptcy when the oil embargo starts on Dec. 5.

On Sunday, Urso said he hoped that Lukoil would continue its activities in Sicily or, if it wished to, sell the business to an Italian or foreign investor...

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