Rosneft and Saras Sign Agreement on Cooperation for the Purpose of Establishing a JV
On 15 December 2012, Rosneft and Saras S.p.A. executed an agreement setting forth their intention to create a 50/50 Joint Venture for processing crude oil and further sale of petroleum products. The agreement on cooperation was signed in Munich by Igor Sechin, President and Chairman of the Management Board at Rosneft, and Gian Marco Moratti, Chairman of the Board of Directors at Saras S.p.A.
The Joint Venture is meant to allow the parties to capitalise on their respective upstream and downstream positions, focusing around Rosneftís unique access to crude oil and other feedstock, and Sarasí supply and trading opportunities around the Saras refinery. The parties also have the intention to enter and develop new oil product markets and activities to complement the existing marketing channels of Saras.
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