The Russian company Lukoil will sell a refinery in Italy to a consortium of companies

Since its inception after the collapse of the Soviet Union, Lukoil has been one of the Russian companies actively buying Western assets. However, it became a problem after the West imposed broad sanctions on Russia in the wake of Moscow’s invasion of Ukraine, reports Reuters.

The sale concludes several months of negotiations. It can be seen as a success in light of the chaotic progress in other countries as Moscow and the West expropriate each other’s assets. An example would be Germany’s seizure of the German part of Russia’s Rosneft or the transfer of the Sakhalin-1 oil and gas extraction project, which was operated in the Russian Far East by the American Exxon Mobile, to a newly created Russian company. company.

GOI Energy is managed by Michael Bobrov, who is also the CEO of Israel’s Green Oil. The latter owns a significant stake in the largest Israeli refinery, the Bazin Group.

The companies said Trafigura would provide part of the financing and handle crude oil supplies and refined products production. But he will not have any stake in the refinery. The ISAB plant in Sicily processes 320,000 barrels of oil per day, which is a fifth of Italy’s refining capacity. There are approximately 1,000 people working there.

Putin boasts that Russia has become one of the largest suppliers of oil and gas to China

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