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Italy’s Government Eyes ISAB Refinery Nationalisation

REFINING

The Italian government will ask the cabinet to decide on the nationalisation of the Lukoil-owned ISAB refinery in Sicily on Thursday, la Repubblica reported, citing sources involved in the matter.

  • The cabinet’s decision would be just in time before the Russian oil price cap and embargo comes into effect on 5 Dec.
  • The Italian government has been trying to keep the ISAB plant in Sicily operational to avoid risk to jobs and a loss of refining capacity.
  • With the state taking over management, the plant will be able to continue production by purchasing oil from other suppliers, with state-owned credit agency SACE providing guarantees to the creditor banks.
  • The refinery has been struggling to secure alternative supplies to Russian crude with Italian banks vary of sanctions.
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