Rosneft to buy stake in Sardinian refiner

A Rosneft subsidiary has agreed to buy a large minority stake in Saras SPA, which operates a 300,000 b/d, high-conversion refinery in Sarroch, on the southwestern coast of Sardinia.

Rosneft JV Projects SA will buy shares representing 13.7% of the issued share capital of Saras for €178.5 million. The sellers are Saras Chairman Gian Marco Maratti, Massimo Moratti, and Angelo Moratti SAPA. Angelo Moratti will retain an interest of about 50.02%.

Saras also has a large integrated gasification combined cycle plant, markets oil products in Italy and Spain, and operates 200,000-tonne/year biodiesel plant in Cartagena, Spain.

Rosneft and Saras late last year signed a memorandum of understanding to create a 50-50 joint venture for trading and processing crude oil and selling oil products (OGJ Online, Dec. 18, 2012).

To access this Article, go to: