Italy: Sale of the refinery of Loukoïl in Italy: the government gets involved

The Italian nationalist government warned on Friday that it would have a say in the sale of the Sicilian refinery of the Russian oil giant Lukoil, asking in particular the candidates for the purchase to ensure "the development of the production pole".

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Rome intends to use “golden power”, which gives it special powers in sectors considered strategic for the country, including energy, said the Ministry of Enterprise in a statement.

In addition to increasing production, the future buyer will have to commit to “guaranteeing employment levels and full compliance with environmental regulations”.

 

The government led by Giorgia Meloni had decided last week to put the refinery under “provisional administration” of the state to avoid its closure and ensure the continuity of national energy supply.
The Lukoil-controlled ISAB refinery, one of the largest in Europe, was in danger of having to stop production because of the European Union’s embargo on the import of Russian crude oil by sea, which came into force on Monday.

“Discussions are underway with various national and international companies interested in acquiring” the refinery, the Ministry of Enterprises confirmed. According to the Financial Times, Lukoil is negotiating an agreement with the US investment fund Crossbridge Energy Partners to buy ISAB, which is estimated to be worth between 1 and 1.5 billion euros. Also in the running is a consortium led by Ghanim Bin Saad al Saad, director of the Qatari sovereign wealth fund Diar and founder of the holding company GSSG, which has joined forces with Italian investors, the daily La Repubblica reported on Friday.

The general manager of ISAB, Eugene Maniakhine, said on Monday that it was “neither fair nor useful” for the government to implement its decision and appoint a state commissioner to manage the refinery. Such a move could “contribute to the closure of the plant and create obstacles to the sale to the new owner,” he said.

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