Italy working with banks on Lukoil financing, state intervention an option - minister

Italy's government is still working with banks to unlock financing for the Lukoil-owned ISAB refinery in Sicily and is also considering direct state support to keep it operational, Industry Minister Adolfo Urso said on Wednesday.

A European embargo on seaborne Russian oil comes into effect on Dec. 5 and Rome has been looking for options to keep the plant running and avoid risks to jobs and a loss of refining capacity.

Speaking on the sidelines of an event in Rome, Urso added that the option of seeking a temporary waiver from the EU on the upcoming sanctions was no longer on the table.

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