The Saras Group achieves its 2015 budget objectives

Gian Marco Moratti, Chairman of Saras S.p.a.

Efficient plant and machinery and extensive refining capacity made the year 2015 for Saras a year of rebound. “We achieved excellent results, with comparable EBITDA of € 741 million and a net positive financial position of € 162 million”, explained Saras Chairman Gian Marco Moratti after the company’s AGM held on 29 February. “Our plants operated efficiently and total work on crude and semi-refined products was the highest ever, reaching 15.6 million tonnes. Our integrated management model applied to the supply chain taken together with the refinery’s high flexibility have given us a significant competitive edge, allowing us to exploit to the best the wide availability of raw materials, also non-conventional, and to capture interesting opportunities on the front of refined product sales”.

The scenario of European refining is confirmed as being favourable also during 2016, and margins are following the usual seasonal trends. Saras is working at high capacity levels, with the exception of short periods for programmed shut-downs, mainly concentrated during the first quarter. “So we are looking forward optimistically to reap the benefits of increased refining margins which, starting from the spring, should be supported by a strong demand for high octane fuels”, he concluded.