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).

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...