Free Trial

Lukoil Consider Italy Refinery Sale and Trading Arm Split

OIL

Lukoil is considering splitting its oil-trading unit, Litasco SA, and selling a refinery in Italy to limit the impact of EU sanctions on Russian crude.

  • They may restructure with one trading arm based in Geneva to source non-Russian crude and manage European operations. The other would be based in Dubai to managed Russian crude and Asia operations according to Bloomberg sources.
  • Lukoil is also exploring the possibility of selling the 300kbpd ISAB refinery in Sicily. The refinery has been supplied with Russian Urals and could struggle to find alternative sources following the EU ban on Russian crude from Dec 5. Lenders have cut off financing that would allow Lukoil to buy other supplies.

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.