Saras Looking to Resume Iran Crude Trade

 

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 National Iranian Oil Company but added there were still some hurdles to overcome on the banking payment front.

 

"I hope these will be resolved soon and we can start in a few months, maybe even weeks," Scaffardi said.

 

Most international sanctions against Iran were lifted in January after a deal with world powers to curb the country's nuclear programme.

 

But the U.S. kept some sanctions and fear of being caught up in those has deterred most foreign banks from restoring links with Tehran.

 

Saras, controlled by brothers Gian Marco and Massimo Moratti, with a 25 percent stake each, recently visited Iran with an Italian trade delegation led by Prime Minister Matteo Renzi.

 

Rosneft, the refiner's second largest shareholder after the Moratti family, currently owns 12 percent of the group after selling a 9 percent stake last year.

 

Saras Chairman Gian Marco Moratti said Rosneft, led by CEO Igor Sechin, did not have plans to sell further stakes in the refiner.

 

"The company told me there was no intention to sell further stakes," Moratti said but added he had not heard from Sechin for some time.

 

The lock-up period on Rosneft's remaining stake, imposed after the stake sale last year, expired last Saturday, Moratti said.