“Rosneft” can get a rate of 162.4 million euros for the sale of a stake in Saras

“Rosneft” can get a rate of 162.4 million euros for the sale of a stake in Saras


The cost of sales of the largest Russian oil company Rosneft to 8.99% stake in the Italian refining company Saras is 162,415 million euros, according to Rosneft.

MOSCOW, 20 Oct. The cost of sales of the largest Russian oil company Rosneft to 8.99% stake in the Italian refining company Saras is 162,415 million euros, according to Rosneft.

The total number of ordinary shares sold is 85,48 million. The company plans to sell securities at a price of 1.9 Euro per share.

“The sale of the shares held at a premium of more than 38% of the original purchase price”, — stated in a press release.

As previously reported, the shares will be sold through an accelerated deals with the formation of the order book. “In connection with the offering Rosneft JV Projects S. A. has assumed the commitment not to dispose of its remaining stake in Saras S. p.A. within 180 days following completion of the offering, subject to the customary exceptions”, — stated in the release. At present Rosneft owns 20,99% of the shares of the Italian company. Thus, after the completion of the transaction the Russian company will remain 12% of the asset.

Rosneft and Saras in June 2013 signed the agreement on creation on a parity basis a joint venture for trading of oil and oil products. However, in August of last year it became known that Saras has postponed plans to create a JV because of the deteriorating relations between the West and Russia.

The EU and the US imposed sanctions against Russian companies because of the situation in Ukraine. Rosneft fell under sectoral sanctions, including restrictions on supply of equipment and services, the company also will have limited access to the capital markets of the EU and the US, and its head Igor Sechin was included in the U.S. personal sanctions list.