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Italy poised to decide whether to block Lukoil refinery sale

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Italy's cabinet is expected to decide next week whether to use its anti-takeover powers to block the sale of a Lukoil-owned refinery to Cypriot private equity firm G.O.I. Energy, two sources close to the matter told Reuters on Friday.

General view of the ISAB plant, the Lukoil-owned oil refinery in Sicily, which is likely to be affected by the embargo on Russian seaborne oil that goes into effect in December, in Priolo, Italy October 27, 2022.

The government has the power to veto the transaction under "golden power" regulation designed to shield industries deemed of strategic importance in sectors such as banking, energy, telecoms and health.to sell the refinery to G.O.I Energy, paving the way for its first significant asset disposal since Moscow's invasion of Ukraine.

Industry Minister Adolfo Urso has repeatedly said Rome would ensure that jobs are protected and environmental standards maintained in the sale of the plant.

 

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