Lukoil refinery in Sicily reduced refining after the peak of 2022
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A third of the capacity of the Lukoil-owned ISAB refinery in Sicily was idle in January-February 2023 against the backdrop of a sharp decline in oil supplies from Russia and the upcoming sale of the plant, follows from Kpler data (available to Vedomosti). The buyer of the asset was GOI Energy, the energy division of the Cypriot Argus New Energy Fund, which owns a controlling stake in one of Israel’s largest energy companies, the Bazan Group.
According to Kpler, 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. As a result, in January 2023, ISAB’s oil imports from Russia were only 22,700 bbl/d, while in March it was 47,500 bbl/d.
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