By Liam Moloney
ROME--Saras SpA (SRS.MI), one of Italy's biggest oil refiners by
capacity, said Tuesday it has signed a cooperation agreement with
Russian state-controlled oil company OAO Rosneft (ROSN.RS).
Saras said in a statement that the deal, which was signed
Saturday, would create an equally owned venture for the trading and
processing of crude oil and the selling of petroleum products.
The companies aim to benefit from Rosneft's access to crude oil
and other feedstock, and Saras's supply and trading opportunities
around its Sarroch refinery on the Italian island of Sardinia, the
statement said.
The two also intend to enter and develop new oil product markets
and activities to complement the existing marketing channels of
Saras, it added, without giving further details.
Write to Liam Moloney at liam.moloney@dowjones.com
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