Litasco SA, a PJSC Lukoil-controlled refinery in Italy, will continue to operate despite European Union's embargo on Russian oil coming into force on December 5, the company said in a statement.
The oil producer confirmed that it plans to rely on the feedstock stored up for the coming months and future deliveries of non-Russian-origin oil to secure the uninterrupted operation of the refinery. Litasco stressed it is ready to continue "meaningful cooperation" with the Italian government, as "it has been delivering on its commitments" to the country's authorities for the past 14 years.
Noting that Lukoil regularly invested in the subsidiary's development, the company concluded that it is currently "a profit-making enterprise, a technologically advanced facility, and a reliable partner for all its clients, suppliers, and contractors."
