Saras Worried About Iran Crude Amid New Sanctions
Italian refiner Saras is worried about the market not having access to Iranian crude oil in light of new possible U.S. sanctions against Tehran."I am worried about the overall scenario," Saras CEO Dario Scaffardi said on a conference call.He said Iran was one of Saras's main crude suppliers, though not the only one, adding for the time being nothing had changed."It is too soon to assess the implications of any new U.S.
Storms Exposes Shortcomings of Global Refining
Spare refining capacity has been shrinking; capacity utilisation climbing close to limits. Hurricane Harvey's crippling impact on U.S. oil refinery operations this month and the challenge buyers faced in filling the gap in gasoline supplies has exposed a shortage of spare refining capacity around the globe. Nearly a quarter of U.S. refining capacity was knocked out by the storm this month, driving U.S. gasoline prices to two-year highs above $2 a gallon.
Saras Says It Will Clear Iranian Oil Debt in 2017
Italian oil refiner Saras has paid 160 million euros ($177 million) of the debt it owes Iran for crude oil bought before sanctions were imposed and its chief financial officer said the total debt to Tehran will be cleared next year. Analysts have estimated the company's Iranian debt at about 350 million euros and the company said it paid 50 million euros in the second quarter and 110 million euros in the third. "A further 100 million euros will be paid by year-end…
Saras Starts Repaying Iranian Oil Debt
Italian oil refiner Saras has paid back 100 million euros ($112 million) of the debt it owes Iran for cargoes of crude oil taken before sanctions were imposed on the country in 2012, the company's managing director said on Monday. Saras, which had an outstanding debt of around 350 million euros with Teheran, paid a first instalment of 50 million euros in the second quarter and another 50 million euros in July. "We expect a smooth repayment over time," Dario Scaffardi told analysts on a conference call on second-quarter results.
Saras Looking to Resume Iran Crude Trade
Italian refiner Saras hopes to resume taking shipments of Iranian crude oil in the coming months if not weeks, its managing director Dario Scaffardi said on Friday. Saras, which is part owned by Russian oil giant Rosneft , used to take a significant part of its crude feedstock from Iran before the U.S-led embargo on the country. Speaking on the sidelines of a shareholder meeting, Scaffardi said the group had renewed its contract with…
EU's Gasoline Refiners Eye Profit in VW Scandal
European gasoline demand expected to rise in coming years; Coastal refineries with high gasoline output could benefit. Some of Europe's struggling refineries could get an unexpected boost from Volkswagen's diesel emissions scandal if once-dominant gasoline regains its popularity. Europe's refineries, many of which were built in the 1950s to support booming petrol demand, have been hit over the past 20 years by shrinking fuel demand and government incentives that skewed car sales toward diesel engines…
EU Refiners Seek Efficiencies in Tough Times
Europe's oil refiners are adopting the wily and flexible ways of traders to ensure survival as the sector faces further shrinkage, delegates at an industry conference said. Hard times have pushed them to pick and choose from a wider range of crudes, ferry feedstock between their own refineries to get the optimal mix of products and seek out deeper discounts from suppliers. "Commercial operations need to be totally, fully integrated with the technical aspects…
Italy's Saras Already Contacted by Iran to Set Up Contracts
Italian refiner Saras has already been contacted by Iran to set up contracts so that it is ready to restart offloading Iranian oil once sanctions on the country have been lifted, Saras general manager said on Thursday. "Iran will be back on stream by the end of the year," Dario Scaffardi said in a conference call. Scaffardi said Iran could bring 1 million barrels of crude per day onto the market overnight when sanctions were lifted. He added it would be able to add another 0.5-1.0 million barrels per day fairly quickly.
Saras to Boost Rosneft Ties with New Trading Business
Italian oil refiner Saras will open a trading business in Geneva in the coming months to boost ties with its Russian investor Rosneft, Chairman Gian Marco Moratti said after reporting a jump in first-quarter core profit. The two companies abandoned plans for a trading joint venture last month because of western sanctions over Russia's involvement in the Ukraine crisis, but Saras expects its unilateral move to aid cooperation. "We announce the decision to start a trading company in Geneva in the coming months…
Oil's Bull Run Hides a Deep Disconnect, Crude Traders Warn
While oil futures prices rebound with vigor as analysts cite strong demand, the physical crude market tells a much more cautionary tale. Tens of millions of barrels are struggling to find buyers in Europe with traders of West African, Azeri and North Sea crude blaming poor demand. The deep disconnect between the oil futures and physical markets looks similar to the events of June 2014 when the physical market weakness became a precursor for a futures price crash.
Saras, Rosneft Shelve JV Trading Plans
Italian refiner Saras and Russian energy giant Rosneft have decided not to press ahead with plans to set up a joint venture in trading, the Saras managing director said on Tuesday. "We decided reciprocally not to go ahead with the joint venture, for political reasons," Dario Scaffardi said on the sidelines of the Saras shareholder meeting. The sanctions imposed on Russia by the United States and Europe in response to its military action in Ukraine have hurt Rosneft. The Russian group owns 21 percent of Saras.
Rosneft Confident Can Continue to Expand in West
Russia's Rosneft is confident it will be able to continue its expansion in western Europe, the general manager of Italian refiner Saras said on Friday. "Rosneft is confident it will be able to continue progress of expansion to the west," Dario Scaffardi said in a conference call with analysts on second quarter results. Saras, controlled by the Italian Moratti family, is partly owned by Rosneft, with which it has a joint venture for trading and processing crude oil and selling refined products.
