Options on Table to Keep Refinery in Italy Afloat

by Ship & Bunker News Team
Friday November 18, 2022

Italy is considering several options to save a Lukoil-owned refinery in Sicily, including asking the European Union for a temporary waiver on upcoming sanctions on Russian oil, according to Reuters.

With a European embargo on seaborne Russian oil coming into effect on December 5, the Italian government is trying to keep the plant in Sicily operational to avoid a loss of refining capacity.

Industry minister Adolfo Urso said that Italy could ask the EU "for an exemption, even temporary, to the embargo," to allow the government to buy time and keep the refinery afloat.

However, the minister added that the first step would be for the government to strike a deal with the banks to provide financing for the plant, the report said.