CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks. Trading CFDs is high risk and is not suitable for everyone. Refer to our PDS and Target Market Determination. AFSL 513393
Open platformOpen platform

ISAB in talks with Trafigura over supply, offtake agreement, CEO says

By Reuters News

ROME, Nov 12 (Reuters) - Italy's ISAB is in talks with global commodities trader Trafigura over their long-term crude supply and fuel offtake agreement, the chief executive of the oil refiner told Il Sole 24 Ore daily in an interview published on Thursday.

  • CEO Paolo Fedeli said market conditions and the Sicily-based refinery's needs have changed since the deal was struck three years ago

  • Trafigura is tied to ISAB through an exclusive contract running until 2033

  • The agreement commits ISAB to selling approximately 90% of its refined petroleum products to Trafigura while Trafigura supplies ISAB with crude oil and the other raw materials required for refining

  • Fedeli said discussions were under way to identify a new arrangement that would allow ISAB to continue serving the Italian market while preserving profitability and efficiency

  • ISAB, which accounts for more than one-fifth of Italy's refining capacity, returned to Italian ownership in September after energy group Ludoil acquired 51% of the refinery from Cyprus-based G.O.I. Energy and unveiled a €1.3 billion investment plan

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.