Lukoil closes deal to sell its refinery in Sicily
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LITASCO SA, a 100% subsidiary of the LUKOIL Group, and GOI ENERGY Srl closed the sale of ISAB Srl..after fulfilling the suspensive conditions, including obtaining the necessary approvals from the Italian authorities,” the report says.
Lukoil announced the sale of ISAB on January 9, the deal was originally planned to be closed by the end of March. Lukoil also reported that GOI Energy entered into a partnership with one of the largest international traders, Trafigura, to ensure uninterrupted oil supplies to refineries and product shipments. In December last year, Financial Times sources also reported an interest in ISAB by American investment company Crossbridge Energy.
At the same time, the Italian authorities were going to revise the deal for the sale of ISAB, as the US authorities were asked to make sure that the Argus New Energy Fund had nothing to do with Russia, the FT reported on April 8, citing sources. The fund categorically denies any connection with Russia. The amount of the transaction, according to the publication, was estimated at 1.5 billion euros.
How wrote Earlier, Vedomosti, in January-February of this year, a third of the refinery’s capacity was idle against the backdrop of a sharp decline in oil supplies from Russia and the upcoming sale of the plant. According to Kepler, oil supplies from Russia to refineries began to decline sharply in November 2022 amid the imposition of EU sanctions. On December 5, 2022, the EU embargo on offshore oil supplies from Russia came into force. At the same time, a price ceiling for Russian oil at the level of $60/bbl began to operate.
In 2022, refinery capacity utilization reached almost 90% (total capacity of 320,000 bbl/d). In January and February 2023, loading dropped sharply to 60%, or 200,000 bbl/d, and in March-April it slightly increased to 70–75% (about 240,000 bbl/d).
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