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Italy's ISAB Refinery Under Pressure Ahead of Dec. 5 Oil Ban

REFINING

Workers at Lukoil’s ISAB refinery in Sicily, Italy are putting pressure on the government to try and keep the refinery open after the December 5 oil ban on Russian crude according to Union leaders fearful of huge job losses in the region.

  • The Italian government is understood to be looking into trying to get a waiver to avoid its closure.
  • The refinery only has been able to process oil from Russia since the invasion of Ukraine because banks refused to take the risk of extending credit to buy non-Russian oil.
  • About 20% of Italy’s oil throughput is refined at the ISAB Srl plant, which is owned by Russia’s Lukoil.
  • Adolfo Urso, industry minister said the "first way" – ahead of a waiver - would be striking a deal with the banks to provide financing for the plant. "We will discuss with banks whether they are open to finance ISAB if state agency SACE extends guarantees,"
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