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Italy minister says nationalisation an option for Lukoil refinery

Italy’s ecological transition minister said nationalisation was among the options for Lukoil’s Italian refinery based in the island of Sicily

Italy minister says nationalisation an option for Lukoil refinery

Rome, June 15 - Neftegaz.RU. In late May, European Union leaders agreed a gradual embargo, with some exemptions, of Russian crude and the ban on seaborne imports could severely impact the refinery, Euractiv has reported.
Italian Minister Roberto Cingolani told an event organised by Il Foglio, without elaborating on who this buyer could be:
  • There are several options under study, one is something like nationalisation…
  • another one is that an external buyer intervenes, for example
The ISAB refinery accounts for around 20% of Italian refining capacity.
It employs around 1,000 workers and used to buy 30-40% of its feedstock from Russia, with the rest coming from international markets.

Since Russia’s invasion of Ukraine, though, it has had to source nearly all its crude from Lukoil because international banks are no longer providing it with credit.

In April, sources told Reuters a temporary nationalisation of ISAB was one option the government was considering in case of sanctions on Russian oil.
Lukoil did not immediately respond to an emailed request for comment.

In Belgium, the EU oil embargo on Russia reportedly will not affect the business of Lukoil, the Belgian press wrote.
The Lukoil companies operating in Belgium are Lukoil Belgium N.V. and Netherlands B.V.
Lukoil Belgium ensures that the European oil embargo does not prevent its retail networks and fuel terminals in Benelux from operating «normally».

The companies Lukoil Belgium N.V. and Lukoil Netherlands B.V., subsidiaries of the Russian Lukoil, «buy all their gasoline and most of their diesel directly on the ARA market (Amsterdam-Rotterdam-Antwerp)», adds Lukoil Belgium.
The company further states:
  • In 15 years of activity in the Benelux, the Lukoil distribution network has reached nearly 260 filling stations managed by local independent representatives, allowing more than a thousand families to benefit from substantial income
  • In addition, all the taxes we pay are transferred to the Belgian, Dutch and Luxembourg tax authorities
Neither Lukoil nor its management are on the list of European sanctions, taken following the Russian invasion of Ukraine, assures the group.
In Bulgaria, Lukoil owns the only refinery in the country, in the port city of Burgas. Reportedly the country has no plans to nationalize Lukoil Bulgaria.

Because of its specific dependency Bulgaria has obtained an exemption from the EU oil embargo until the end of 2024.

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