Former Lukoil-owned ISAB refinery in Sicily exits crisis procedure
Italy's ISAB refinery said on Tuesday it has successfully completed court-supervised crisis negotiations, a key step towards stabilizing operations at a plant that accounts for more than 20% of the country's refining capacity.
The refinery - located in Priolo, Sicily - entered the procedure early last year to negotiate with creditors, after its ownership shifted from Russian oil group Lukoil to Cypriot private equity fund G.O.I. Energy.
ISAB said the positive outcome confirms the site's industrial solidity, safeguards jobs and protects the local refined products supply chain.
"ISAB confirms its strategic importance for Italy and looks to the future with renewed confidence, ready to manage the challenges of the global market with a more balanced financial structure," ISAB Chairman Massimo Nicolazzi said.
The refinery has approved a new business plan to 2028, it said without providing details on the new strategy.
Comments