Rosneft JV Projects, based in Luxembourg, has reached an agreement to sell a 12-percent stake in Italian Saras S.p.A. to institutional investors, Interfax news agency reports on Wednesday. As a reference, Rosneft JV Projects is an affiliate of Russian oil corporation Rosneft.
The price was 1.53 euro per share, raising 175 million euro. After realization of the residual package of shares, Rosneft will fully withdraw from Saras S.p.A capital.
According to the company's statement, the sale is aimed at optimising the company's portfolio of assets. In particular, this is connected with impossibility to implement the original agreements implied an increase of Rosneft's share to a controlling stake, with the consideration of the existing sanctions.
Over the course of the years 2013 – 2017, Rosneft's net profit from investments in Saras S.p.A. exceeded 80 million euro. The purchase of a 21% stake in Italian refiner was intended to strengthen Rosneft's commitment to the Mediterranean area, however, these plans failed.
Rosneft, as well as its CEO Igor Sechin, are under EU and U.S. sanctions, due to political tensions over Ukraine crisis.