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News // Companies

Rosneft sells 12% stake in Italian oil refiner Saras

18 January 2017 , 16:20Neftegaz.RU577

Rosneft said on January 18, 2017,  it had sold its stake in Italian refiner Saras for $186.8 million and that it had sold in part because sanctions prevented it from taking a controlling stake in the refiner.

 

«The sale is part of a program of optimizing the company's portfolio of assets linked, in part, with the fact that it is impossible to implement the original agreement on increasing Rosneft's share to a controlling share, given the sanction restrictions in force,» Rosneft said in a statement.

 

Rosneft said it sold its 12 % stake in Saras for 1.53 euros per share via an accelerated book-building.

 

Rosneft had agreed back in 2013 to buy 21 % in Saras, which is controlled by Italy's Moratti family, in a move that was set to strengthen Rosneft's commitment to the Mediterranean area.

The company started reducing its share in Saras in October 2015, initially selling a 9% holding.

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