Russia’s Rosneft may raise 162.4 mln euros from selling 9% in Saras

MOSCOW, Oct 20 (PRIME) -- Russian oil major Rosneft has agreed to sell an 8.99% stake in Italian oil refinery Saras to institutional investors for 162.415 million euros, the company said in a statement on Tuesday.

The stake comprises 85.48 million shares, the price of which stands at 1.9 euros per security.

The company’s stake in Saras will fall to 12% on the results of the deal.

Saras owns one of the largest oil refineries in Europe with a capacity of 300,000 barrels per day accounting for about 15% of Italy’s combined oil processing capacity.

In June 2013, Rosneft and Saras signed an agreement to establish a joint venture for selling oil and oil products on a parity basis. But in August media reported that Saras delayed the plans due to Western sanctions against Russia.

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