Italy's Largest Refinery Won't Be Nationalized, Minister Says [Financial Post (Toronto, Ontario, Canada)]
ENI S.p.A. (E)
US:NYSE Investor Relations:
eni.com/en_it/investors.page
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Source: Financial Post
(Bloomberg) — Italy's largest refinery, which is owned by Russia's Lukoil PJSC, is not destined for nationalization, according to Industry Minister Adolfo Urso. Advertisement The Italian government paved the way for putting strategic oil and gas infrastructure under temporary administration Thursday, in a move which set the stage for a temporary state takeover of the ISAB Lukoil refinery in Priolo, Sicily, which has been struggling to secure funding ahead of a European Union ban on Russian oil due to kick in on Dec. 5. Asked whether the plant was headed for nationalization, Urso told newspaper Corriere della Sera on Saturday: “Absolutely not.” The government is taking on temporary administration of the refinery with the option of entrusting management to publicly-controlled companies operating in the same sector “to guarantee the continuity of production and therefore the energy supply of the country, also safeguarding employment,” Urso said. In the meantime, Urso added, th
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