Trafigura raises stake in Italian refinery Saras to 12.5% (updated)
12/05/2023 19:59
(Recasts headline and lead; adds Trafigura statement and
context)
By Francesca Landini and Julia Payne
MILAN, May 12 (Reuters) -
Global commodities trader Trafigura has raised its stake in
Italian refiner Saras SRS.MI to 12.46% from 5.23%, the
companies said on Friday, strengthening Trafigura's foothold
over Mediterranean oil flows.
The move comes a week after Russia's Lukoil concluded the
sale of its large Sicilian refinery, ISAB, to an Israeli-backed
company in turn supported by Trafigura for oil supplies.
Saras, controlled by the Moratti family, operates the
300,000-barrel-per-day Sarroch refinery in Sardinia, one of the
biggest plants in the region.
"This reflects our view of the strategic value of this
asset, which is one of Europe’s largest and most efficient oil
refineries, and our position as a commercial supplier and
offtaker from the operation," Trafigura said in a statement.
Geneva-based Trafigura first bought shares in Saras via
Urion Holdings in 2020 when the refining sector was clobbered by
the impact of the COVID-19 pandemic.
Trafigura has only a small presence in refining
operations, preferring more flexible long-term crude supply or
fuel offtake agreements. It has an exclusive deal with Prax to
supply Britain's Lindsey refinery and operates a small refinery
via its subsidiary Puma Energy in Papua New Guinea.
Earlier this year, Trafigura completed the sale its
indirect minority stake an Indian refiner,
Nayara
, that is part-owned by Russia's Rosneft.
(Reporting by Francesca Landini; additional reporting by Julia
Payne in Brussels;
Editing by Chris Reese and Leslie Adler)
((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))