Italy May Request Delay On Russian Oil Embargo To Save Refinery In Sicily - Minister

Italy is reviewing several ways for keeping a Lukoil-owned refinery in Sicily, including asking the European Union for an exemption from the embargo on Russian oil, Italian minister in charge of domestic industries, Adolfo Urso, said on Friday

ROME (UrduPoint News / Sputnik - 18th November, 2022) Italy is reviewing several ways for keeping a Lukoil-owned refinery in Sicily, including asking the European Union for an exemption from the embargo on Russian oil, Italian minister in charge of domestic industries, Adolfo Urso, said on Friday.

"One of the opportunities is to discuss a temporary exception from the oil embargo with the EU, which was granted to other countries," Urso told reporters.

The minister also said that Italy was ready to discuss all possibilities and negotiate the issue of funding the ISAB gasification and electricity cogeneration plants with banks because the company needs to open new lines of credit to purchase oil from alternative suppliers.

He added that other options for resolving the situation could be the nationalization or sale of the refinery to a third-party buyer.

In response to Russia's military operation in Ukraine, the European Union announced a ban on the provision of services and insurance to Russian oil supplies, as well as partial embargo on Russian oil. The restrictions are due to go into force on December 5 for seaborne imports of Russian crude and in 2023 for petroleum products.