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NK Rosneft' OAO and Saras S.p.A. Sign Agreement to Create Joint Venture-News Bites


Monday, 17 Dec 2012 07:00pm EST 

News Bites reported that on December 15, 2012, NK Rosneft' OAO and Saras S.p.A. executed an agreement setting forth their intention to create a 50/50 Joint Venture for processing crude oil and further sale of petroleum products. The agreement on cooperation was signed in Munich by Mr. Igor Sechin, President and Chairman of the Management Board at the Company, and Mr. Gian Marco Moratti, Chairman of the Board of Directors at Saras S.p.A. The Joint Venture is meant to allow the parties to capitalize on their respective upstream and downstream positions. The parties also have the intention to enter and develop new oil product markets and activities to complement the existing marketing channels of Saras.