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Rosneft does not rule out stronger presence on Mediterranean market — CEO

October 21, 2016, 14:22 UTC+3

The head of Rosneft believes that there is a potential for development in that region and it will be used wisely

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© EPA/YURI KOCHETKOV

VERONA, October 21. /TASS/. Russia’s state-owned company Rosneft is ready to strengthen its presence on the Mediterranean market, if its partners propose mechanism how to make projects there more effective, head of Rosneft Igor Sechin said in an interview with Corriere Della Sera newspaper.

"Although oil price fell the prices on oil products in Europe did not fall because the oil price drop was compensated by the growth of excise duties. In that context the enterprises located in the Mediterranean area have a significant potential thanks to its logistic advantages. We consider a possibility to strengthen our presence on that market in case our partners propose mechanisms which would make the projects there more effective," Sechin said.

The head of Rosneft believes that there is a potential for development in that region and it will be used.

"Italian companies in which we participate already showed their excellent approach to formation of a successful transcontinental business model," Sechin said.

Sechin noted that Rosneft is very happy with investments in Italian oil processing industry.

"When we acquired a stake in Saras S.p.A in 2013 for 1.37 euro per share it was seen as expensive. Two years later we sold part of the package with the yield of 40% in comparison with the acquisition price. The pre-tax profit was 45 mln euros," Sechin said.

Earlier it was reported that Rosneft sold a stake in Saras refinery.

Saras Group is the leading Italian and European oil processing group. It sells oil products in Italy and on global market, directly and via subsidiaries Energia S.A. in Spain, Arcola Petrolofera and S.p.A Deposito di Arcola S.r.I. in Italy.

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