ISAB, in the province of Syracuse in Sicily, has had to source almost all of its crude oil from Russia as a result of the sanctions.
The Italian state is considering nationalizing ISAB, the country’s largest oil refinery. The data is based on government sources, the news agency Reuters.
According to sources, the Italian Minister of Industry Giancarlo Giorgetti intends to raise the issue at a board meeting on Thursday.
ISAB is the largest refinery in Italy in terms of refining capacity. The refinery, located on the island of Sicily in the province of Syracuse, employs more than a thousand people.
It accounts for just under a quarter of all Italian oil production.
It is owned by Litasco, a Swiss subsidiary of Russian Lukoil.
Sanctions increased the amount of Russian crude oil
Economic sanctions imposed on Russia because of its illegal operation in Ukraine put ISAB in distress.
Before the war in Ukraine, 60-70 percent of the crude oil it used came from international markets and the rest from Russia.
As the refinery no longer received financing on the international market due to sanctions, it will have to buy all the crude oil it refines from Russia.
If the EU were to ban the import of Russian crude oil, ISAB would not be able to operate. It would lead to its nationalization by the Italian Government, ie its takeover by the State.
You can discuss the matter on April 27th. until 11 p.m.