The matter involving Isab and Lukoil enters a new phase after the precautionary measure of the Court of Syracuse, which ordered the continuation of the trade of petroleum products by land, essentially forcing Isab to respect the existing contract with Lukoil. A decision that comes at the end of the appeal presented by Lukoil Italia and which reignites the discussion between the parties on the legitimacy of the change of operator for the distribution of refined fuels.
In a note released after the judges’ ruling, Isab reiterated that the choice to proceed with the change of operator was made “in compliance with the law”, in light of the sanctions imposed by the US authorities on Lukoil and its subsidiaries. A decision which, according to the company, was adopted with the aim of protecting Isab and guaranteeing the stability of the regional land distribution of refined fuels. Last week Isab, together with Ludoil Energy spa (Ludoil group), announced “the entry into execution of the contract” relating to the loading and sale of petroleum products, as well as the provision of related and ancillary services at the Priolo Gargallo refinery.
The Ludoil group is also involved, on an exclusive basis, in a due diligence process aimed at evaluating a possible acquisition of the refinery. A move contested by Lukoil, which defined Ludoil’s communications on the start of product withdrawal activities as “without legal title”, maintaining that there was no valid termination of the contract between Lukoil Italia and Isab nor any legitimate takeover.
Hence the appeal to the Court of Syracuse, which led to the precautionary measure. Based on the judges’ decision, Lukoil tankers will return to distribute Isab’s oil products from Monday.
Isab, while taking note of the judicial decision, made it known that he did not agree with it, reiterating however “the utmost respect for the work of the judiciary”. The company announced that it will defend its rights in the competent bodies, underlining how the provision was obtained by Lukoil Italia “without cross-examination with Isab”. While waiting for the judgment to provide definitive clarity on the matter, Isab confirms its commitment to ensuring the continuity of the land supply of its products, reassuring the market and the territory on the regularity of fuel supplies.
The legal issue, however, remains open and could have further developments in the coming months.