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Italy Pushing to Keep Lukoil's ISAB Refinery Running

REFINING

Italy has provided Russia’s Lukoil with a “comfort letter” to help its refinery in Sicily get bank financing to buy non-Russian oil according to Reuters – something it has struggled to obtain.

  • The Italian government is fearful Lukoil’s ISAB refinery will stop producing refined products from December 5 when the Russian oil ban kicks in.
  • Lukoil has not been hit by international sanctions, but creditors are wary of doing business with a Russian entity.
  • The ISAB plant accounts for around 20% of Italian refining capacity.

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