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".

Share:

Subscribe for unlimited access to all energy sector news.

Over 150 multisector articles and analyses every week.

Your 1st year at 99 $*

then 199 $/year

*renews at 199$/year, cancel anytime before renewal.

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.

CTCI strengthens its position in Taiwan with a new EPC contract for a regasification unit at the Kaohsiung LNG terminal, with a capacity of 1,600 tonnes per hour.
Capstone Green Energy received a 5.8-megawatt order for its natural gas microturbines, to be deployed across multiple food production facilities in Mexico through regional distributor DTC Machinery.
Private firm Harvest Midstream has signed a $1 billion acquisition deal with MPLX for gas processing and transport infrastructure across three western US states.
Sempra Infrastructure and EQT Corporation have signed a 20-year liquefied natural gas purchase agreement, consolidating Phase 2 of the Port Arthur LNG project in Texas and strengthening the United States’ position in the global LNG market.
Subsea7 was selected to lead phase 3 of the Sakarya gas field, a strategic contract for Türkiye’s energy supply valued between $750mn and $1.25bn.
Tokyo protests against Chinese installations deemed unilateral in a disputed maritime zone, despite a bilateral agreement stalled since 2010.
Bp has awarded Baker Hughes a long-term service agreement for the Tangguh liquefied natural gas plant, covering spare parts, maintenance and technical support for its turbomachinery equipment.
Chinese group Sinopec has launched a large-scale seismic imaging campaign across 3,000 km² in Mexico using nodal technology from Sercel, owned by Viridien, delivered in August to map areas with complex terrain.
CNOOC Limited has signed two production sharing contracts with SKK Migas to explore the Gaea and Gaea II blocks in West Papua, alongside EnQuest and Agra.
Australian group Macquarie partners with AMIGO LNG for an annual supply of 0.6 million tonnes of liquefied natural gas over fifteen years, with operations expected to start in 2028 from the Guaymas terminal in Mexico.
A consortium led by ONEOK is developing a 450-mile pipeline to transport up to 2.5 billion cubic feet of gas per day from the Permian Basin to the Gulf Coast.
AMIGO LNG has awarded Drydocks World a major EPC contract to build the world’s largest floating LNG liquefaction terminal, aimed at strengthening exports to Asia and Latin America.
Nigeria LNG signs major deals with oil groups to ensure gas supply to its liquefaction infrastructure over two decades.
The European Union and Washington have finalized an agreement setting $750 billion in U.S. gas, oil and nuclear purchases, complemented by $600 billion in European investments in the United States by 2028.
Sempra Infrastructure and ConocoPhillips signed a 20-year LNG sales agreement for 4 Mtpa, confirming their joint commitment to expanding the Port Arthur LNG liquefaction terminal in Texas.
Russian pipeline gas exports to China rose by 21.3% over seven months, contrasting with a 7.6% drop in oil shipments during the same period.
MCF Energy continues operations at the Kinsau-1A drilling site, targeting a promising Jurassic formation first tested by Mobil in 1983.
The group announces an interim dividend of 53 cps, production of 548 Mboe/d, a unit cost of $7.7/boe and major milestones on Scarborough, Trion, Beaumont and Louisiana LNG, while strengthening liquidity and financial discipline.
Norway’s combined oil and gas production exceeded official forecasts by 3.9% in July, according to preliminary data from the regulator.
Gunvor commits to 0.85 million tonnes per year of liquefied natural gas from AMIGO LNG, marking a strategic step forward for Asian and Latin American supply via the Guaymas terminal.

Log in to read this article

You'll also have access to a selection of our best content.

or

Go unlimited with our annual offer: $99 for the 1styear year, then $ 199/year.