Italian authorities denied data on plans to nationalize the LUKOIL plant

Earlier, sources told Reuters about Rome's plans to “temporarily nationalize” Lukoil's refineries if sanctions are imposed on oil from Russia. The office of the Minister of Industry reported that this issue was not on the agenda

The issue of nationalization of the ISAB oil refinery in Sicily, owned by LUKOIL, is not on the agenda now, Reuters was told in the office of Italian Industry Minister Giancarlo Giorgetti.


The agency, citing sources, previously reported that Italy is considering the option of “temporary nationalization”; ISAB if sanctions are imposed on Russian oil. According to a Reuters source, Giorgetti intends to raise the issue at a cabinet meeting on Thursday.

His office, commenting on the reports to Reuters, also said there was “concern about the social consequences” of for the region, and the ministry is now studying the situation.

According to the agency, the plant employs about 1 thousand people, so its closure will affect the number of jobs in the region and the economy.

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LUKOIL acquired 49% in ISAB in April 2008. Now the refinery is fully included in the group. The company's website states that it is the third largest refinery in Europe in terms of refining volume.

According to Reuters, ISAB receives 30 to 40% of its feedstock from Russia, the rest comes from foreign producers.

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In early March, the largest Italian oil and gas company Eni suspended the purchase of oil and petroleum products from Russia. The company also announced its intention to sell a 50 percent stake in the Blue Stream gas pipeline project that connects Russia and Turkey. Another half of the project belongs to Gazprom.

The European Union is discussing a ban on the supply of Russian oil and gas, but there is still no unanimity among member countries on this issue. Last week, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said that the EU has no plans to introduce centralized restrictions yet, as several countries have threatened to veto such a decision. Le Figaro wrote that Germany, Austria and Hungary are against the embargo on Russian energy resources.

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