Rosneft and Saras to form 50-50 JV

Russian oil and gas major Rosneft and Italian crude oil refiner Saras SpA announced plans to create a 50-50 joint venture.
The JV will use Rosneft’s access to crude oil and other feedstock in addition to Saras’ supply and trading opportunities to focus on processing crude oil and the sale of petroleum products. The joint venture will allow Rosneft and Saras to capitalize on their upstream and downstream positions; the JV will also introduce new oil product markets to complement Saras’ current marketing channels. (December 18, 2012)