Russian “Lukoil” has sold the refinery in Italy. For a private company, this was the best way out, because due to the owner, the plant could not provide supplies of alternative oil.
PJSC Lukoil informs that LITASCO SA, a 100% subsidiary of the LUKOIL Group, and GOI Energy Limited (hereinafter referred to as GOI Energy) have reached an agreement for the sale of ISAB SrL (hereinafter referred to as ISAB) to GOI Energy. The transaction is expected to close by the end of March 2023 upon satisfaction of the conditions precedent, including obtaining the necessary approvals from regulatory authorities, including the Italian government.” Lukoil reports it.
ISAB owns a large petrochemical complex in Sicily, which includes a refinery, a gasification unit and a power plant.
“To ensure the efficient operation of the complex after the acquisition of GOI, Eenergy has entered into a partnership with Trafigura, one of the largest international traders of oil and petroleum products, which will ensure the continuous supply of raw materials to the refinery, as well as the shipment of products and the necessary level of working capital. The new owner will ensure the preservation of jobs and safe working conditions in the enterprise”, – added to Lukoil.
On December 5, the ban on oil imports from Russia came into force in the EU. However, Lukoil found itself faced with the fact that it could not import alternative oil to the Italian refinery, as the banks did not want to give guarantees for fear of incurring ancillary sanctions. ISAB covers 22% of the automotive fuel needs in Italy. The closure of the plant could lead to the loss of 10,000 jobs.
