The Italian government does not currently intend to nationalize Lukoil’s ISAB refinery in Sicily, but is closely monitoring the situation. This was reported by Bloomberg on Tuesday, citing a source.
Earlier on Tuesday, Reuters quoted Italian government sources as saying that the Republican authorities were considering the possibility of temporarily nationalizing the refinery in the event of sanctions being imposed on Russia’s oil and gas sector. It was said that the Minister of Economic Development, Giancarlo Giorgetti, intends to raise the issue of nationalization of the company during a cabinet meeting on Thursday.
According to Reuters, ISAB is the largest refinery in Italy in terms of refining volumes – accounting for about 22% of all refining capacity in the country. Before the start of the special Russian operation to liberate the Donbass republics, about 30-40% of all oil came from the Russian Federation and the rest from the international market. However, after the invasion of Ukraine, ISAB was forced to switch completely to Russian raw materials.
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