Italy’s Saras SpA (SRS) bought “several cargoes” of Libyan crude in October and November and expects its processing profit to rise.
Saras “had immediate benefits from the renewed availability of paraffinic grades in the Mediterranean Sea,” the Milan-based company said today in an earnings statement. The “reduction in our refining margin could be removed, in part or in full, already in the fourth quarter of 2011.”
The loss of Libyan crudes because of rebel fighting in the North African nation to oust Muammar Qaddafi cut the company’s margin by 30 to 50 cents a barrel in the second and third quarters as it used alternative grades at its Sarroch plant in Sardinia, Saras said.
Processing profit fell to 90 cents a barrel in the third quarter compared with $1 a year earlier, it said in the statement. The Sarroch refinery can process 300,000 barrels of crude a day, according to data compiled by Bloomberg.
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