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

Europe's "Fit for 55" package will put European refineries at a serious competitive disadvantage, the head of Italian refiner Saras said.

"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.

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