Italian refiner Societa Anonima Raffinerie Sarde (SARAS) will be commencing bunkering operation at the Cagliari area from August onwards, it stated in the company’s second quarter (Q2) financial report.
The group posted net result of EUR 28.2 million (US $31.65 million) in Q2 2019, 52% lesser than net result of EUR 58.9 million in Q2 2018.
Revenue was EUR 2.59 billion during Q2 2019, 18% lower than revenue of EUR 3.17 billion recorded in Q2 2018.
SARAS has completed the heaviest part of a scheduled maintenance programme for its refinery in the first half of the year and is “ready to seize the opportunities deriving from the new IMO regulation”, it says.
Experts have also indicated a robust crack spread in the middle distillates market to further strengthen in the second half of the year when the effects of IMO 2020 start to emerge, in particular in the fourth quarter in conjunction with the preparation of the bunkering global supply logistics for the new legislation.
Moving forward, SARAS is expecting higher refining margins in the second half of the year partly due to IMO 2020, states Chairman Massimo Moratti.
“The results of the first half were influenced by the great volatility of the oil market, high prices of heavy crude and by a significant planned maintenance cycle that we have completed successfully and on time,” he says.
“We are ready, starting from the second half of the year, to fully benefit from a scenario that is expected to be more favourable, also thanks to improving refining margins and the first effects of the IMO legislation that will come into force on 1st January 2020, resulting in positive market conditions for high-conversion and integrated refineries like ours.
“We are proceeding swiftly in the implementation of the business plan: we sold service stations in Spain to Kuwait Petroleum on 25 July. We have obtained all the authorizations and we will soon start the direct sale of bunker fuels in the Cagliari area. We are also installing 9 new turbines at the Ulassai wind farm to expand its capacity by 30 MW, increasing our presence in renewable sources.”
Photo credit: Societa Anonima Raffinerie Sarde
Published: 6 August, 2019
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