Italy’s Saras Clears Part of Iranian Oil Debt

Italian oil refiner Saras has paid the first installment of its outstanding oil dues to Iran, the company’s managing director said.

“We expect a smooth repayment over time,” Dario Scaffardi told analysts on a conference call on second-quarter results, Reuters reported.

Saras, which had an outstanding debt of around 350 million euros with Tehran, paid a first instalment of 50 million euros in the second quarter and another 50 million euros in July.

Earlier this year Scaffardi said the company had renewed its crude oil supply contract with the National Iranian Oil Company (NIOC) following the removal of sanctions.

(Source: Tasnim, under Creative Commons licence)

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