Saras eyes opportunities under Vitol ownership
Trading firm Vitol plans to run Italian refiner Saras' 300,000 b/d Sarroch refinery as a standalone business, separate from its other downstream assets, Saras chief executive Franco Balsamo said today at the firm's second-quarter results.
Vitol completed a deal to buy a controlling stake in Saras from the Moratti family in June. Under Italian law, the firm was then obliged to launch a takeover bid for the remaining shares.
"What Vitol intends to do is to work with us to develop the business to help us better understand the commodity markets, to create some new ideas in order to manage inventories. Saras is a complex refinery and what we are expecting is the contribution of Vitol can be a big opportunity for us to exploit all our capabilities," Balsamo said.
Saras expects refining margins to remain at current levels throughout the rest of the year, with chief operating officer Marco Schiavetti saying they will remain "above historical averages". The firm acknowledged that gasoline and diesel margins in the Mediterranean had recently come under pressure from new refining capacity. Nigeria's 650,000 b/d Dangote refinery began ramping up its crude intake in the second quarter, with cargoes of its light products reaching the Mediterranean.
Saras said Sarroch's run rate averaged 265,000 b/d in January-June, identical to Argus' assessment of throughput in the period. The refinery underwent work on its crude distillation capacity and an alkylation unit in the second quarter and will probably have some "minor maintenance" in the fourth quarter, Balsamo said. Saras now expects its throughput for 2024 to be in the range of 265,000-270,000 b/d, slightly lower than its forecast at the start of the year.
Saras swung to a profit of €31.3mn ($33.8mn) in the second quarter from a loss of €16.8mn in the same period last year. Significant maintenance work and a narrowing of heavy-light crude spreads weighed on the firm's profitability in the second quarter last year.
Related news posts
Forties crude output seen at 10-month high in November
Forties crude output seen at 10-month high in November
London, 31 July (Argus) — Production of North Sea crude grade Forties is forecast to reach a 10-month high of almost 224,000 b/d in November, up from 216,000 b/d in October, 186,000 b/d in September and 161,000 b/d in August, according to latest figures from Forties Pipeline System (FPS) operator Ineos. This is Ineos' first forecast for November. The firm has revised down its estimates for August-October by 2-5pc compared with its previous forecast. November's increase will be driven by a rise in output from the grade's smaller contributing fields, which is forecast to hit a one-year high of 181,000 b/d. Buzzard — the largest field on the FPS — will account for around 19pc of Forties output in November, compared with 20-25pc in August-October. Buzzard is scheduled to start a two-week maintenance shutdown in August. Buzzard accounted for 25pc of Forties output in the week to 28 July, up from 22pc the previous week. Buzzard's contribution affects Forties quality because the field's crude is heavier and sourer than the other component fields. A 25pc Buzzard contribution results in a Forties blend with a gravity of 40.3°API and a sulphur content of 0.62pc. By Lina Bulyk Forties production 000 b/d Forties Blend vs previous forecast Buzzard share vs previous forecast August 160.9 -2.4pc 20.0 +7.1pp September 185.5 -3.4pc 25.3 -1.3pp October 215.7 -5.3pc 20.5 -1.8pp November 223.5 first forecast 18.9 first forecast Source: Ineos Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Перевалка через Актау выросла
Перевалка через Актау выросла
Riga, 31 July (Argus) — Транзит грузов через порт Актау в первом полугодии вырос относительно января — июня 2023 г. Основной рост пришелся на поставки нефти и контейнерных грузов, тогда как транзит металлов и зерна сократился, по данным администрации порта. Основное увеличение пришлось на поставки Тенгизской нефти. Из Актау партии сырья доставляются на терминал в Сангачалы для последующей отгрузки по трубопровод Баку — Тбилиси — Джейхан (БТД). Кроме того, выросла перевалка контейнеров на фоне возобновления поставок из Китая. Основная доля пришлась на транзит контейнерных грузов через Транскаспийский международный транспортный маршрут (ТМТМ), в том числе благодаря запуску казахстанско-китайского терминала в городе Сиань (центральная часть Китая), сообщили в порту. Помимо этого, в январе — июне увеличилась перевалка нефтяного кокса через Актау. Перевалка зерна через порт в январе — июне сократилась относительного первого полугодия 2023 г. Поставки снижались из-за сокращения закупок иранскими компаниями и растущей конкуренции с недорогими объемами зерна из России. ________________ Больше ценовой информации и аналитических обзоров рынка транспортировки грузов в странах Каспийского региона и Центральной Азии — в отчете Argus Транспорт Каспия . Вы можете присылать комментарии по адресу или запросить дополнительную информацию feedback@argusmedia.com Copyright © 2024. Группа Argus Media . Все права защищены.
Israeli forces carry out attack in Beirut
Israeli forces carry out attack in Beirut
Washington, 30 July (Argus) — Israel claimed responsibility for a "targeted strike" in Beirut today, in retribution for a 27 July rocket attack that killed 12 people in the Golan Heights. Today's strike targeted the Lebanon-based Hezbollah's commander who allegedly was responsible for the Golan Heights attack, Israel's Defense Forces said. Israel and Hezbollah have exchanged fire almost daily since 8 October last year, a day after Hamas first attacked Israel. Those skirmishes have mostly targeted military sites, but the weekend strike was by far the deadliest attack on civilians inside Israeli territory in those cross-border exchanges. Israeli leaders vowed to retaliate for the 27 July attack, while the US and European powers urged Israeli prime minister Benjamin Netanyahu to refrain from taking a step that would lead to greater confrontation. Iranian president Masoud Pezeshkian, who took office today, said on Monday that there would be "serious consequences" if Israel carries out a retaliatory strike in Lebanon. The prospect of violence spreading in the Middle East has been a concern for the international community, not least in Washington, since the war began between Hamas and Israel. Iran and Israel exchanged direct military strikes at each other's territory in April. The Yemen-based Houthi militant group launched a campaign of targeting commercial vessels in the Red Sea in what it said was a direct response to Israel's actions in Gaza, and recently hit central Tel Aviv using a drone. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
BP CEO sees Tiber FID following Kaskida within a year
BP CEO sees Tiber FID following Kaskida within a year
London, 30 July (Argus) — BP will take a final investment decision to develop the 4bn-6bn bl Tiber oil field in the US Gulf of Mexico within 12 months, its chief executive Murray Auchincloss said today. This will follow today's go-ahead for BP's 80,000 b/d Kaskida project. Both fields are in the Gulf of Mexico's Paleogene play. "Mid-next year we think we'll be sanctioning Tiber. It'll pretty much be a photocopy of Kaskida as well for capital productivity," Auchincloss said on BP's second-quarter earnings call , referring to a strategy of utilising existing platform and subsea equipment designs that can be replicated at low cost for successive projects. "10bn bl of discovered resource in the basin has now been highly developed by other companies," Auchincloss said. "It's time for us to catch up with that. We've used an industry standard solution for Kaskida. It'll produce at 80,000 b/d. It'll be less than $5 billion." A first phase of development will begin producing in 2029, according to BP. Kaskida will deliver "at least" 275mn bl, said Auchincloss, but he said BP's upstream team thinks it might do much better than that. "We have 1,000ft of pay, and the average across the rest of the Paleogene is 500ft of pay. So, it's an enormous column of oil," he said. The first phase of Kaskida will focus on the east of the field, and BP plans to appraise the western side next year. The company has further exploration wells around Kaskida and Tiber that it is planning. After appraisal and exploration drilling is completed in 12-18 months' time, Auchincloss said the company would consider whether to bring in a partner. "Kaskida alone will be a 5pc increase in [BP's] operating cash flow when it comes in, at group level," he said. "5pc alone. And Tiber will follow that as well." Earlier today, BP said it would raise its dividend by 10pc after reporting a 29pc jump in its second-quarter cash flow for the second quarter. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more