March 12, 2019 / 5:27 PM / 4 months ago

Lukoil to invest more than $60 mln in its Italian oil refinery

MOSCOW, March 12 (Reuters) - Russian oil major Lukoil plans to invest more than $60 million over the next three years in its 320,000 barrel-per-day (bpd) ISAB refinery in Augusta, Italy, on the island of Sicily, a company official said on Tuesday.

Vadim Vorobyov, Lukoil’s First Deputy CEO, told reporters at a news conference that the investments would be for two hydrotreater projects to improve the fuel quality.

He said ISAB will move to produce high-quality diesel of Euro V grade after the modernisation.

Vorobyov also said that Lukoil had no plans to sell ISAB for now.

Reuters has reported in 2017 that Lukoil was looking to sell the ISAB refinery as part of a review of its overseas operations. (Reporting by Maxim Nazarov; writing by Vladimir Soldatkin. Editing by Jane Merriman)

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