Italian authorities to nationalize Lukoil refinery in Sicily

The Italian government intends to nationalize the Lukoil-owned ISAB oil refinery in Sicily.

The final decision will be made at the governmental session on December 1, Report informs via La Repubblica.

According to the information, the initiative is being prepared by Minister of Economy and Finance Giancarlo Giorgetti and Enterprise and Made In Italy Minister Adolfo Urso.

The oil refinery is expected to be transferred under control of the Italian Ministry of Economy.

Lukoil's refinery in the southeast of Sicily is Europe's third largest enterprise in oil refining volumes. In 2008, the Russian company bought 49% share in the enterprise. The refinery produces around 22% of fuel consumed in Italy. In November, Lukoil refused to sell the facility to US' Crossbridge. The refinery is at risk of bankruptcy due to the embargo on Russian oil.