MNI BRIEF: BOC Governor Tiff Macklem Opening Statement

MNI BRIEF: Text of Bank of Canada Interest-Rate Decision

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Italy Struggling to Keep ISAB Refinery Online After Russian Sanctions

REFINING

The Italian ISAB refinery in Sicily owned by Russia’s Lukoil is still struggling to secure alternative supplies to Russian crude with Italian banks wary of sanctions and being cut off from dollar funding.

  • The government is trying to reach a solution to keep the country’s largest refinery online as it produces about 20% of Italy’s fuel.
  • Industry Minister Adolfo Urso is meeting with a group of seven banks on Friday to arrange a €700m financing round that would allow the refinery to start buying non-Russian oil. Until now the refinery has been unable to secure enough credit to switch to other crudes.
  • The administration has tried to reassure banks that continuing to lend to the refinery after the start of the EU ban on Russian seaborne crude on Dec 5 won’t put them at risk of penalties.
  • Other options being considered are to find a buyer for the Lukoil-owned plant or to nationalise the facility.
BulletEnergy BulletsHomepageCommodities
BulletEnergy BulletsHomepageCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.