ROME, June 11 (Reuters) – Italy’s ecological transition minister on Saturday mentioned nationalisation was among the many choices for Lukoil’s (LKOH.MM) Italian refinery primarily based within the island of Sicily.
In late May, European Union leaders agreed a gradual embargo, with some exemptions, of Russian crude and the ban on seaborne imports may severely affect the refinery.
“There are several options under study, one is something like nationalisation…another one is that an external buyer intervenes, for example,” Minister Roberto Cingolani informed an occasion organised by Il Foglio newspaper, with out elaborating on who this purchaser could possibly be.
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The ISAB refinery accounts for round 20% of Italian refining capability. It employs round 1,000 staff and used to purchase 30-40% of its feedstock from Russia, with the remaining coming from worldwide markets.
Since Russia’s invasion of Ukraine, although, it has needed to supply practically all its crude from Lukoil as a result of worldwide banks are not offering it with credit score.
In April, sources informed Reuters a short lived nationalisation of ISAB was one option the federal government was contemplating in case of sanctions on Russian oil. learn extra
Lukoil didn’t instantly reply to an emailed request for remark.
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Reporting by Angelo Amante; Editing by Angus MacSwan
Our Standards: The Thomson Reuters Trust Principles.
Italy minister says nationalisation an option for Lukoil refinery & More Latest News Update
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