Lukoil Weighs Trading Split, Refinery Sale to Keep Oil Flowing

Turning Litasco into two trading arms may curb sanction impact
Italy refinery sale mulled as EU embargo on Russian oil looms

The Lukoil depot in Brussels, Belgium.
Photographer: Thierry Monasse/Getty Images

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By Anthony Di Paola, Alfred Cang, Alberto Brambilla, and Daniele Lepido

October 18, 2022 at 12:15 PM UTC

Updated on

October 18, 2022 at 5:22 PM UTC

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Lukoil PJSC is considering splitting its oil-trading unit and selling a refinery in Italy as it seeks to limit the impact of sanctions and a forthcoming European Union embargo on Russian crude.

Russia’s biggest private oil producer may restructure its trading unit, Litasco SA, by creating two arms, with one based in Geneva and the other in Dubai, people familiar with the matter said.