Italy’s Saras says signs crude supply deal with Iran

May 14, 2016

Italian refiner Saras said it has signed an oil supply contract with Iran.

The company's contact with Iran has formally opened after banks began allowing payments "in the last couple of weeks," Saras chief executive Dario Scaffardi said on Friday.

Saras still owes Iran money from debts accrued prior to sanctions being imposed on the country in 2012. "We will of course start repaying the debt we owe to Iran, and this is in the process of starting. We still have to negotiate exact timings," said Scaffardi.



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