North Sea and North African crude will be moving into southern Italy once again after Russia’s Lukoil agreed to sell its ISAB refinery in Sicily.
The 320,000 barrel-per-day (bpd) plant has been acquired by a consortium including Cypriot private equity firm GOI Energy and trading and chartering giant Trafigura.
The Cypriot fund will inject equity, while Trafigura will supply crude and sell the refined product output.
