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Italian Cabinet To Decide On Go Ahead Of ISAB Refinery Sale

OIL

Italy's cabinet is expected to decide next week whether to use its anti-takeover powers to block the sale of a Lukoil-owned ISAB refinery to GOI Energy, two sources told Reuters.

  • Lukoil in January reached a preliminary deal to sell the refinery to GOI Energy with backing from Trafigura.
  • The government has the power to veto the transaction under "golden power" regulation designed to shield industries deemed of strategic importance.
  • The government wants to have a say in the negotiation as the ISAB plant refines a 320kbpd, accounting for a fifth of Italy's refining capacity.
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Italy's cabinet is expected to decide next week whether to use its anti-takeover powers to block the sale of a Lukoil-owned ISAB refinery to GOI Energy, two sources told Reuters.

  • Lukoil in January reached a preliminary deal to sell the refinery to GOI Energy with backing from Trafigura.
  • The government has the power to veto the transaction under "golden power" regulation designed to shield industries deemed of strategic importance.
  • The government wants to have a say in the negotiation as the ISAB plant refines a 320kbpd, accounting for a fifth of Italy's refining capacity.