Saras 2013 Net Loss Grows to ?271 Million; 4Q 2013 Losses Decline

摘要

Italy-based oil refiner and integrated gasification combined cycle (IGCC) power producer Saras announced February 21 that its full-year 2013 net loss grew to ?271 million (US$372 million), compared to a net loss of ?90.1 million (US$123 million) in 2012. However, the fourth quarter (4Q) 2013 net loss declined to ?33.4 million (US$45.8 million), compared to a 4Q 2012 net loss of ?82.4 million (US$113 million), according to Saras. “The last quarter of 2013 was characterized by extremely low margins for the European refining sector, mainly because of geopolitical tensions in various crude oil producing and exporting countries,” said Saras board chairman Gian Marco Moratti.