Italy's Saras urged Europe to take steps to restore the competitiveness of the region's refining sector after it posted an 85 percent slump in its core earnings in the first three months due to weak refining margins. Europe's refining sector is facing growing pressure from increasing international competition, excess production capacity and weak domestic consumption. "We hope that the European Authorities will finally become fully aware that the competitiveness of this absolutely strategic sector is progressively being eroded…