Sicily Lukoil Refinery Nationalized

The Italian government had decided to “temporarily nationalize” the ISAB refinery in Priolo, Sicily, which supplies 20% of the national demand for fuel (gasoline and diesel). The decision was taken in order to maintain production after the plant, owned by Lukoil, was cut off from any credit line by banks, thanks to EU sanctions against Russia. The decision, similar to the one recently taken by the German government for a subsidiary of Rosneft, has prevented the refinery from being bought by Crossbridge Energy Partners, an American firm. The government has determined that foreign ownership of such a large capability is a threat to Italy’s national security.