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Rosneft confident can continue to expand in west - Saras exec

Published 08/08/2014, 17:08
Updated 08/08/2014, 17:10
Rosneft confident can continue to expand in west - Saras exec
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MILAN (Reuters) - Russia's Rosneft (MM:ROSN) is confident it will be able to continue its expansion in western Europe, the general manager of Italian refiner Saras (MI:SRS) said on Friday.

"Rosneft is confident it will be able to continue progress of expansion to the west," Dario Scaffardi said in a conference call with analysts on second quarter results.

Saras, controlled by the Italian Moratti family, is partly owned by Rosneft, with which it has a joint venture for trading and processing crude oil and selling refined products.

Last December, Rosneft agreed to buy much of Morgan Stanley's (N:MS) physical oil-trading business.

Scaffardi also said he expected the decision by Italian major Eni (MI:ENI) to cut its refining capacity by over 50 percent to help the remaining European refiners.

(Reporting by Stephen Jewkes; editing by Oleg Vukmanovic)

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