On 15 December 2012, Saras S.p.A. and Rosneft executed a memorandum of understanding setting forth their intention to create a 50/50 Joint Venture for trading and processing crude oil and selling petroleum products.

The Joint Venture is meant to allow the parties to capitalise on their respective upstream and downstream positions, focusing around Rosneft’s unique access to crude oil and other feedstock, and Saras’ supply and trading opportunities around the Sarroch 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. The memorandum of understanding was signed in Munich by Gian Marco Moratti, Chairman of the Board of Directors at Saras S.p.A. and Igor Sechin, President and Chairman of the Management Board at Rosneft.

See the site of the Sarroch refinery