Saras S.p.A.

Last updated
Saras S.p.A.
Company type Società per azioni
BIT:  SRS
Industry Energy
Founded1962
Founder Angelo Moratti
Headquarters
Milan [1]
,
Italy
Key people
Products Oil and Natural Gas, Wind energy
RevenueIncrease2.svg €10.397 billion (2018) [2]
Decrease2.svg €145 million (2018) [2]
Decrease2.svg €140 million (2018) [2]
Total assets Decrease2.svg €2.960 billion (2018) [2]
Total equity Increase2.svg €1.104 biillion (2018) [2]
Number of employees
1,946 [2]
Website www.saras.it

Saras S.p.A. is an Italian energy multinational corporation with operations in petroleum refining, marketing, transportation and power generation [3] headquartered in Milan and plants and registered office in Sarroch. [1] Its main production plants are located in Sarroch, on the island of Sardinia, Italy.

Contents

History

The company was founded in 1962 by Angelo Moratti. In 1965 giant Sarroch refinery begun operations. In the mid 1990s Saras begun to operate in the oil wholesale market with its subsidiaries in Spain (Saras Energia) and Italy (Arcola Petrolifera). In the early 2000s the company entered the power generation business, producing electricity from natural gas and, later, from wind farms. [2]

In February 2024, the Moratti family agreed to sell 35% of the shares (with a total value of €1.7 billion) to Dutch Vitol BV Soras. The merger is aimed at excluding Saras common shares from the listing and trading them at Euronext Milan. Vitol may also purchase an additional interest of up to 5% in a group covered by a derivative contract signed by a family member. [4]

In 2022, Saras Energia, a Spanish subsidiary of the Saras Group, digitally transformed one of Europe’s largest refineries with a capacity of 300,000 barrels per day and 15 million tons per year with the help of Kyndryl, as well as the logistics terminal in Cartagena (Murcia). This included improving communication and information systems and enhancing cybersecurity measures. [5]

Operations

View of Saras refinery in Sarroch, Sardinia, Italy. Vista dal mare della raffineria Sarlux del Gruppo Saras.jpg
View of Saras refinery in Sarroch, Sardinia, Italy.

The Sarroch refinery has the highest production capacity of any Mediterranean refinery and a refining capacity of about 15 million tons per year, the equivalent of 15% of the total capacity of Italian refineries. [6] The group sells and distributes oil products directly, and through its subsidiaries, such as diesel, gasoline, diesel fuel for heating, liquefied petroleum gas (LPG), virgin naphtha and aviation fuel, mainly on the Italian and Spanish markets. In 2018 approximately 2.12 million tonnes of petroleum products were sold in Italy on the wholesale market, and a further 1.56 million tonnes were sold on the Spanish market through its subsidiary Saras Energia SAU. [2]

From the early 2000s, the Saras Group operates an IGCC plant (Integrated Gasification Combined Cycle), which has an installed power of 575 MW (managed by the subsidiary Sarlux Srl). The feedstock used by the IGCC plant is the heavy products of the refinery, and the plant generates over 4 billion kWh of electricity per year, which corresponds to more than 45% of Sardinia's electricity requirement. [2]

In addition, since 2005 Saras operates a large wind farm in Ulassai, Sardinia (managed by the subsidiary Sardeolica Srl), with an installed capacity of 96 MW. [2]

The company is listed on the Borsa Italiana (Code ISIN: IT0000433307, Code: SRS, Segment: MTA).

Controversies and investigations

In January 2007 Milan prosecutors launched an investigation on the listing of Saras for inflated prices. On 12 May 2011 the case was officially dismissed. [7]

In January 2009 Oil, a documentary-film on the Sarroch refinery by Massimiliano Mazzotta, was released; the film investigates on the death of a worker on the job and the alleged widespread pollution caused by the refinery. The Moratti family tried, without success, to block the distribution of the film by presenting a lawsuit. [8]

In May 2009 three workers died on the job at Sarroch refinery. [9] On 7 March 2014 the Court of Appeals of Cagliari condemned Dario Scaffardi, manager of Saras, and Guido Grosso, ex manager, with a suspended sentence of 20 months (versus the previous sentence of 24 months), in addition to granting an award of damages to the plaintiffs. However, the company was judged non-liable. [10]

Major shareholders

As of 4 July 2019 [11]
  1. Massimo Moratti S.a.p.A. (20.011%)
  2. Angel Capital Management S.p.A. (10.005%)
  3. Stella Holding S.p.A. (10.005%)
  4. Saras S.p.A. (0.970%)
  5. Others (59.009%)

Subsidiaries

As of 31 December 2015

See also

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References

  1. 1 2 "About us. Geographical footprint". www.saras.it. Retrieved 17 January 2020.
  2. 1 2 3 4 5 6 7 8 9 10 "SARAS Annual Report 2018" (PDF). saras.
  3. "Saras SpA". Reuters. Reuters . Retrieved 17 January 2020.
  4. "Vitol to buy controlling stake in Saras from Morattis, delist it". Reuters. Archived from the original on 2024-04-21. Retrieved 2024-04-21.
  5. "Saras Energia Entrusts Kyndryl with Its Secured Digital Transformation". Kyndryl. Archived from the original on 2023-12-07. Retrieved 2024-04-21.
  6. "Sarroch Refinery". www.hydrocarbons-technology.com. Retrieved 17 January 2020.
  7. "Saras, archiviazione per tutti e 9 banchieri indagati". Reuters. 12 May 2011. Retrieved 20 January 2020.[ dead link ]
  8. Cianciotta, Stefano M. (2014). Comunicare e gestire la crisi : strategie, strumenti e azioni per tutelare la reputazione aziendale. Santarcangelo di Romagna: Maggioli. p. 76. ISBN   8891604852.
  9. "Three dead in Saras refinery accident". Reuters. 26 May 2009. Retrieved 20 January 2020.
  10. "Operai morti in Saras, conferma condanne". ANSA. 7 March 2014. Retrieved 20 January 2020.
  11. "Saras S.p.A. - Shareholding Structure". www.saras.it.