Milan

Russia's Rosneft buys into Saras

13.7% stake, IPO on 7.3%

Russia's Rosneft buys into Saras

Milan, April 15 - Russia's state-controlled oil company Rosneft on Monday took a 13.7% stake in Inter Milan Chairman Massimo Moratti's petrol refinery giant Saras and will launch an IPO on a further 7.3%, sources close to the deal said. The two Moratti brothers at the head of Saras have been negotiating the deal for months. Gian Marco Moratti and Massimo Moratti, respectively chairman and CEO of Sarras, have been talking to Igor Sechin, chairman of Rosneft, to discuss a partnership. According to Italiuan media the deal includes the possibility of Rosneft supplying crude oil to Saras's refinery in Sarroch, on the southern tip of Sardinia near Cagliari. Gian Marco Moratti recently said his was the only petrol refinery group in Europe without a partner that owns petroleum. "If we find one and if they want to take a minority stake, so be it," Moratti said at the time. Rosneft is Russia's leading petrol extraction and refinery group. Saras closed last year with losses after profits in 2011, as oil prices fluctuated. The Moratti brothers inherited Saras from their father, Angelo Moratti, owner of the 'Grande Inter' side that won a string of Italian titles and two European Cups in the 1960s.

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