Rosneft JV Projects S.A. (Luxembourg), an indirect subsidiary of "Rosneft", has sold 12% of the share capital of Saras S.p.A (114,1 million common shares) to institutional investors at a price of 1.53 euros per share 1, said Wednesday "Rosneft". The deal amounted to 174.6 million euros.

The sale is part of the optimization of "Rosneft" portfolio program, including related to the impossibility of the realization of the original agreements to increase the share of the company to the level of a controlling stake in view of the limitations of existing sanctions, according to a company press release. In 2014, the US and EU imposed sanctions against Russian companies. Previous Western sanctions have prevented "Rosneft" to purchase oil trading business of the investment bank Morgan Stanley.

The proceeds from the sale of Saras package funds will be allocated for the implementation of strategic projects with other Italian partners, "Rosneft", the company said.

Saras - the sixth largest refining company in Europe, has a refinery in Sardinia (capacity - 15 million tons), oil storage facilities in Italy and Spain and a network of 124 petrol stations in the south of Spain.

"Rosneft" and Saras became partners back in 2012, agreed to establish a joint venture on a parity basis for oil refining and trading. Shareholder of the Italian company "Rosneft" began in 2013, first bought 13.7% of shares of 178.5 million euros in April, and then another 7.29% for the 95 million euros in June.

In October 2015, "Rosneft" has agreed to sell to institutional investors 8.99% of Saras for 162.4 million euros, and its share fell to 12%. Thus, now it is completely out of the capital of the Italian company.

From 2012 to 2014 Saras worked at a loss, then the situation in the oil refining and improved on the basis of 2015 it made a profit of 223.7 million euros. Net "Rosneft" income from equity investments Saras S.p.A. during the 2013-2017 biennium. exceeded € 80 million (including dividends received), "Rosneft" reported in a press release. The total yield of 9% per annum in the euro.