Sarroch
Saras S.p.A: the story of the Italian company
Hello friends! Today I want to talk to you about an Italian joint-stock company that is very famous in the energy sector: Saras S.p.A. Founded in 1962 by Angelo Moratti under the name of S.ARA.S., this company is active in oil refining and electricity production.
The Sarroch refinery
The Sarroch refinery is one of the largest in the Mediterranean and can process up to 21% of the overall refining capacity of Italian refineries with 300,000 barrels per day. Moreover, this refinery is one of the most advanced in terms of plant complexity, with a Nelson Complexity Index of 11.7. The refinery is managed by the subsidiary Sarlux SrL and is located on the southwest coast of Cagliari. Thanks to its strategic location in the center of the Mediterranean, the Sarroch refinery is an important resource for Italy and Europe.
Electricity production
The Saras Group has also undertaken the activity of electricity production and sales through a combined cycle gasification plant (IGCC) with an installed capacity of 575 megawatts, also managed by the Sarlux SrL. Additionally, the group produces and sells electricity from renewable sources through the wind farm located in the municipality of Ulassai, with an installed capacity of 96 MW.
Listing on the Stock Exchange
Saras S.p.A. was listed on the Milan Stock Exchange on May 19, 2006. In 2008, the Sarlux refinery of the Saras group obtained the EMAS (Eco Management Audit Scheme) registration. In 2009, Saras became the first refinery in Italy to obtain the AIA (Integrated Environmental Authorization), recognizing the path of improvement of the technical and structural characteristics of the plants and the production site to minimize the environmental impact of production activities.
The acquisition of Rosneft
At the end of April 2013, the Russian state-owned oil company Rosneft acquired 13.70% of the share capital of Saras from majority shareholders Gian Marco Moratti and Massimo Moratti. In mid-June, Rosneft further acquired 7.29% from the financial markets through a partial voluntary public offer. On October 19, 2015, Rosneft sold approximately 8.99% of the share capital of Saras to a group of international institutional investors and reduced its stake to 12%. Finally, on January 17, 2017, Rosneft placed all of its Saras shares in its portfolio with a group of international investors.
Conclusions
In conclusion, Saras S.p.A. represents an important reality in the energy sector in Italy and Europe. The Sarroch refinery and the combined cycle gasification plant are important resources for ensuring greater energy independence for our country. Additionally, the Saras Group has shown its sensitivity to environmental issues, obtaining important recognitions in this area. I hope this brief overview of Saras S.p.A. has been helpful to you!
