ARGUS New Energy Fund

Russian oil giant Lukoil said on Jan. 9 that it had reached a deal to sell its refinery in Sicily to a Cyprus-based fund, pending approval from the Italian government.

The ISAB refinery, one of Europe's largest, was in danger of ceasing operations because of the EU embargo on the import of Russian crude oil by sea amid the Ukraine invasion, which came into force on Dec. 5, 2022.