Italy's Saras: Iran Oil Steady At 10% Of Supply

Italian refiner Saras SpA (SRS.MI) said Tuesday it is keeping Iran oil imports relatively steady at 10% of its supply for now, despite a full European Union embargo due July 1.

The disclosure by Italy's second-largest independent refiner by capacity contrasts with an announcement by France's Total SA (TOT) that it stopped buying oil from the Islamic Republic.

In remarks in its fourth quarter and annual results, Saras said it "currently uses approximately 10% of Iranian crude oils in its refinery mix."

Many refiners are locked in long-term contracts with Iran, making it difficult to reduce supplies before the embargo starts.

But the Italian refiner said it "will take all necessary actions in order to leverage its commercial flexibility and procure alternative crude oils" when the ban is fully enforced.

-By Benoit Faucon, Dow Jones Newswires; [phone]; [e-mail]