Sustainable Business

Saras CEO says climate plan to have huge implications for Europe's refiners

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Executive Vice President and General Manager of Saras Group Dario Scaffardi speaks in a question and answer session during the Oil & Money conference in London October 2, 2013. REUTERS/Luke MacGregor

MILAN, Aug 2 (Reuters) - Europe's "Fit for 55" package will put European refineries at a serious competitive disadvantage, the head of Italian refiner Saras said on Monday.

"This is extremely worrying... It will have huge implications for the sector," Dario Scaffardi said speaking on a conference call on second-quarter results.

The package, unveiled by the European Commission last month, aims to cut the bloc’s output of greenhouse gases by 55% by 2030.

Reporting by Stephen Jewkes, editing by Maria Pia Quaglia

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