Saras CEO says third quarter probably worst ever for the oil and refining industry

MILAN (Reuters) - The third quarter was probably the worst ever for the oil and the refining industry, the chief executive of Italian refiner Saras SRS.MI said on Thursday.

“The whole of the oil sector, and refining in particular, is undoubtedly going through a very, very difficult moment,” Dario Scaffardi said.

Saras, which cut investments to tackle fallout from the health crisis, is working on a plan to steer the company through the energy transition, using more vegetable oils, renewable energy, carbon storage and hydrogen.

“We hope to resume investments strongly once the worst part of the crisis is past,” Scaffardi said.

Reporting by Stephen Jewkes, editing by Giulia Segreti