RT: Rosneft-Saras joint venture still on, just delayed

Italian oil refiner Saras has confirmed its joint venture projects with Russia’s largest oil company Rosneft has not ended. The company said it expects the deal to sell oil, and begin refining operations together will be delayed, not canceled.

The joint trading venture was schedule to begin in April this year, but the delay is mostly due to Rosneft’s purchase of Morgan Stanley’s oil trading unit.

“We are continuing work with Rosneft on developing a commercial venture, and are taking into account the new opportunities arising from Rosneft’s purchase of Morgan Stanley’s oil trading unit,” a representative told PRIME news agency on Monday, in reference to a comment made by the company’s executive vice president on Friday.
MORE