Italian oil refiner Saras has paid 160 million euros ($177 million) of the debt it owes Iran for crude oil bought before sanctions were imposed and its chief financial officer said the total debt to Tehran will be cleared next year, according to Reuters.
Analysts have estimated the company’s Iranian debt at about 350 million euros and the company said it paid 50 million euros in the second quarter and 110 million euros in the third.
Saras, which is partly owned by Russian oil giant Rosneft , used to take a significant part of its feedstock from Iran before the embargo. The company reported third-quarter core earnings of 100.5 million euros, below a company-supplied consensus forecast of 132 million euros, reportedly because of gasoline stockpiling that lost part of its value when sold because of price lowering on a quarter-to-quarter base.
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