Rosneft and Saras SPA have entered an agreement declaring their intention to create a 50-50 joint venture for the processing of crude oil and sale of oil products.
“The joint venture is meant to allow the parties to capitalize on their respective upstream and downstream positions, focusing around Rosneft’s unique access to crude oil and other feedstock and Saras’s supply and trading opportunities around the Saras refinery,” the companies said in a joint statement.
Saras’s Sarroch refinery on Italy’s island of Sardinia has crude capacity of 300,000 b/d. Downstream capacities include 86,000 b/d of fluid catalytic cracking and 115,000 b/d of distillate hydrocracking.
Saras has tank farms in Italy and Spain and retail operations in Spain.
