Gian Marco Moratti, chairman of the Board of Directors of Saras, and Igor Sechin, his counterpart in the Rosneft oil group, signed a letter of intent to set up an equal joint venture between the two groups for the marketing and processing of crude oil and the sale of petroleum products.
The agreement has the main objective, reads the note released by Saras, "to allow the parties to capitalize on their potential in the upstream and downstream segments, centering around the privileged positioning of Rosneft for access to supplies of crude oil and other petroleum products, and the Saras refinery in Sarroch for processing and trading opportunities".
Driven by the news, Saras shares gained 1,99% in the late morning to 1,024 euros per share, after reaching a maximum of 1,047 euros during the day.
