Rosneft withdraws from Italian Saras

Russia’s Rosneft agrees to sell its stake in Saras S.p.A due to Western sanctions
Rosneft withdraws from Italian Saras
19 January 11:22 2017 Print This Article

Russian state oil corporation Rosneft said Western sanctions had stopped company from increasing its stake in Italian Saras and forced it to sell its stake.

Luxembourg based Rosneft JV Projects, an affiliate of Russian oil corporation Rosneft, which had already sold 9% of its stake back in 2015, reached an agreement to sell a remaining 12-percent stake in Italian Saras S.p.A. to institutional investors fully withdrawing from the company’s capital. The price was EUR1.53 per share, raising EUR175 mln, reports company on Wednesday.

According to the company’s statement, the sale was due to Rosneft’s inability to increase its stake in the asset to the level of controlling interest as a result of sanctions’ restrictions.

“The money received from the sale will be directed to the implementation of strategic projects with other Italian partners,” the statement reads.

Russia’s oil giant agreed to buy 21% stake in Saras back in 2013 aiming to strengthen it’s commitment to the Mediterranean area.

Rosneft has been subject to EU and US sanctions since 2014, following the political tensions over the Ukrainian crisis.

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