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Saras

Saras

Industry: 
Energy
Symbol: 
MI:SRS
Country: 
Italy
Contact Information: 
Sources: 

"Two Italian energy companies, Saras SpA and Iplom SpA, have reportedly signed long term contracts with the National Iranian Oil Company (NIOC) to purchase crude oil from Iran. As of this week, in a contact with Saras SpA, Iran will export 60,000 to 65,000 barrels of oil per day to the company's refineries for one year, Oilprice.com reported. Saras SpA currently buys approximately 30,000 to 35,000 barrels per day (bpd). Last month, NIOC announced that the company was in negotiations with Italy's Eni SpA for a deal that could result in the sale of 100,000 bpd of oil. Oilnews has also quoted Iran's Petroleum Minister Bijan Zangeneh as saying that along with the oil contracts with the two Italian companies, the country has plans to sign a $1.5 billion agreement with Eni to develop phase three of Darkhovin oil field." (Press TV, “Italians seal oil purchase deals with Iran,” 6/23/2016)

"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 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." (Reuters, “Saras looking to resume Iran crude trade in coming months,” 4/22/2016)

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Italy’s two largest oil and gas companies, Eni and Saras, seek to buy 170,000 barrels per day of crude oil from Iran. Eni and Saras have submitted their requests to the Iranian oil ministry for the purchase of 100,000 bpd and 70,000 bpd respectively. According to the Iranian co-chairman of Iran-Italy Joint Chamber of Commerce, one of the main topics due to be discussed during an upcoming visit by Italian Prime Minister Matteo Renzi to Tehran is facilitating the purchase of crude by the Italian firms." (Tasnim News Agency, “Italian Firms Eye Importing 170,000 bpd of Crude from Iran,” 4/11/2016)

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"Other oil companies in the Mediterranean including Spain's Cepsa and three other Italian oil firms, ERG, Iplom and Saras have planned to take their last cargoes from Iran in June, other market sources said." (Reuters, "Eni suspends Iran's debt payments in oil," 5/31/2012)

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Saras imported 20,000 barrels of Iranian crude per day in both March and April of 2012. (Reuters, "Europe's Buyers Trim Iranian Oil Imports in April," 4/18/12)

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"Trading sources told Reuters that Italy's Saras, ERG and Iplom, Greece's Hellenic as well as Spain's Repsol have either extended or have not scrapped existing term supply contacts with Iran for 2012... Italian refiner Saras said it received about 10 percent of its feedstock from the Islamic Republic in 2011. 'A ban on Iran exports would cause a shortage in heavy crude oils, putting further pressure on already high oil prices, and compressing margins for all refiners,' said Massimo Vacca, Saras' head of investor relations." (Reuters, "EU firms renew Iran oil deals to win sanction reprieve," 1/12/12)

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"Italian oil refiner Saras SpA (SRS.MI), traditionally a big buyer of Libyan crude oil, said in a Reuters interview on Friday that it was looking at replacing oil shipments from Libya and had already slightly increased sour crude supplies from Iran." (Reuters, "Iran sells more oil as Libyan exports dwindle," 2/25/11)

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"Oil trade with Iran remains more difficult following tougher sanctions against the Islamic Republic, industry sources said, despite a message from the European Union that such operations are legal. Saras, an Italian oil refiner, said last week that transactions with Iran have become more challenging as banks are reluctant to get involved. Other European oil companies have made similar remarks privately. 'The banking side is the tough part. It is very tough. It has to be banks that haven't got any kind of interests in the United States,' said an Iranian crude oil customer in Europe. Iran is a major oil exporter and its production is equal to about 4.2 percent of daily world demand. The amount of Iranian crude sold to countries that are members of the International Energy Agency declined by 22 percent in August." (Reuters, "Credit hurdles remain hindrance to Iran oil trade," 11/18/10)

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"Another trader said the market was aware that Italian firms Agip (ENI.MI) and Saras (SRS.MI) were importing Iranian crude with the financing help from Italian banks. Agip and Saras were not immediately available for comments." (Reuters, "Shell, Italy maintain Iran oil trade," 9/28/10)

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