Italian oil refiner Saras SpA has reported a 47 per cent surge in its net profit last year to 293 million euros ($350 million), thanks to strong  margins.

Saras said margins strengthened 28 per cent to an average $7.20 per barrel of oil processed.
Refiners are enjoying bumper times thanks to surging global demand for oil products and tightness in crude processing capacity, after a 20-year period of poor returns which encouraged little investment in new capacity.
Earlier Italian oil giant Eni said operating profits at its refining and marketing unit rose 72 per cent last year.