Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Algerian Foreign Ministry: The Algerian President directs Foreign Minister Ahmed Attaf to head to Niamey as soon as possible
Algerian Foreign Ministry: Niger’s acceptance of the Algerian initiative strengthens the option of a political solution to end the crisis
Algerian Foreign Ministry: Algeria received official approval from Niger concerning the Algerian mediation initiative to resolve the crisis
Armenia says Azerbaijani forces open fire in border region
Al Mayadeen's correspondent: Israeli Supreme Court decides to return the case of prisoner Kayed al-Fafsous to the Military Court of Appeals
Egyptian media, citing medical sources: Ambulances transported about 100 injuries to hospitals as a result of the Ismailia Security Directorate fire
Egyptian media: The number of people injured in the Ismailia Security Directorate fire has risen to 21 people, some of whom are in critical condition.
Turkey carried out air strikes in northern Iraq and destroyed 20 PKK targets: Turkish MoD
Al Mayadeen's correspondent: Turkish warplanes carry out an air strike that targeted the Matin area in Dohuk, northern Iraq
Israeli media: The settlers wrote the word “revenge” in the site and uprooted dozens of olive trees

Italy's Eni to run Russian-owned refinery in the country

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Dec 2022 19:12
  • x

Italy says that its energy giant Eni will run an oil refinery on its grounds belonging to Russian Lukoil

  • The ENI SpA logo as seen on the company’s headquarters in Rome, Italy.
    The ENI SpA logo as seen on the company’s headquarters in Rome, Italy. (Bloomberg)

Italian Industry Minister Adolfo Urso announced on Saturday that his country's government passed a decree that allows Italy's energy company Eni to run an oil refinery owned by Russia's Lukoil energy giant.

The decree passed on Thursday came following sanctions on Russian oil, especially by the US, that threatened the operations of the ISAB oil refinery that delivers almost 20% of the country's fuel needs and currently refines Russian Urals oil.

"By passing this decree, the government assumes the responsibility for temporary emergency management, possibly through another oil company, which could be Eni. This will guarantee continuous production," the minister stated, adding that he was assured by US officials that the banks funding the plan will not be sanctioned.

Read more: EU imports of LNG increased 42%, Russian price cap still not reached

On Friday, the G7 nations and Australia issued a statement saying that had come to an agreement on the maximum price cap of Russian crude oil: $60 per barrel, a decision which will come into effect on December 5.

The price cap developed by the US-led international coalition will be implemented on February 5, 2023, and includes a price review mechanism that will keep the price cap at 5% below the market value.

The US welcomed the European Union's decision to join the G7 in imposing a $60-per-barrel price cap on Russian oil exports, saying it will slow the Kremlin's "war machine".

Read more: US pressures EU on price cap for Russian oil: Reports

Major oil producers are expected to adhere to their current output strategy and even cut down oil production further in their coming meeting on Sunday amid falling oil prices, a coming Russian oil price cap, and sanctions.

Kremlin reacted to the statement by stressing that Russia will not accept the oil price cap, and will announce later how work will be organized.

The First Deputy Chairman of the Russian Federation Council Committee on Economic Policy Ivan Abramov commented that a price cap on Russian oil would lead to an explosive hike in fuel prices around the world.

Read more: Buying Russian oil above price cap to result in sanctions: US Treasury

It's noteworthy that Russian President Vladimir Putin said in September that Russia will stop supplying oil and gas to countries that impose price ceilings.

Capping prices, as some Western countries are considering, "would be an absolutely stupid decision," Putin stated.

"No gas, no oil, no coal, no fuel oil, nothing," he added referring to sales to countries adopting the price cap.

  • Lukoil
  • Russia
  • Italy
  • Sanctions on Russia
  • war in Ukraine
  • Eni energy

Most Read

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
US President Joe Biden and Ukrainian President Volodymyr Zelensky

'Not 1 more cent': Americans are done with funding Ukraine's paychecks

  • Europe
  • 30 Sep 2023
Austrian Chancellor Karl Nehammer tells low-income families to buy their children McDonald's burgers.

Austria Chancellor's solution to poor families: McDonald's burgers

  • Europe
  • 29 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
Egypt's Ismailia police HQs engulfed with fire (Social media)
MENA

Massive fire engulfs Egypt's Ismailia police HQs, injures dozens

trump
US & Canada

Donald Trump's civil fraud trial opens; business empire at risk

Visitors look at projected paintings and drawings at the Van Gogh exhibit during a preview of the digital exhibition titled "Infinity des Lumieres" in Dubai, in the United Arab Emirates, on June 28 , 2021. (AFP)
Europe

AI, VR unite to depict Van Gogh's 'mental struggle' in final works

A child being treated in a makeshift ICU bed in California in 2023 (AFP via Getty Images)
US & Canada

Children are dying in US hospitals plagued with ill-prepared ERs: WSJ

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS