Italy's Saras Ready to Import Iran Oil

Italy's Saras Ready to Import Iran Oil Italy's Saras Ready to Import Iran Oil

Italian refiner Saras said it was in contact with Iran and would be ready to restart importing its crude oil once sanctions are lifted.

"Iran will be back on stream by the end of the year ... We have already been contacted to set up the contracts so we are ready to work," general manager Dario Scaffardi said in a conference call on the business outlook.

Iran used to account for a significant part of Saras crude feedstock before the US-led embargo was imposed on the country, Reuters reported.

Scaffardi said Iran had used its time out of the oil market very wisely and was in a position to bring 1 million barrels of crude per day onto the market overnight when sanctions were lifted. He added it would then be able to add another 0.5-1 million barrels per day quickly.

"Don't underestimate Iran ... they will be able to ramp up production quickly and efficiently," he said.

Iran on Thursday outlined plans to rebuild its main industries and trade relationships following a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020.

On Monday, the United Nations Security Council endorsed a deal to end years of economic sanctions on Iran in return for curbs on its nuclear program, though sanctions are unlikely to be removed until next year.