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Italian Oil Refiner Saras to Close its Geneva Trading Office

2024-11-22 13:50

Wedoany.com Report-Nov 22,  Oil refiner Saras is closing its Geneva trading office, according to a person who asked not to be identified discussing a private matter.

The process will be concluded in the first half of 2025, the person said. The Saras unit has been operating in the Swiss city since the beginning of 2016 and engaged in crude oil purchases, selling finished products and trading activities, according to a website description. The number of staff affected was not immediately clear.

Saras’s assets include the 300,000 barrel-a-day Sarroch refinery, one of Europe’s biggest. Earlier this year, oil trader Vitol completed the purchase of a stake in Saras held by the Moratti family, and owns a majority share in the company, according to data compiled by Bloomberg.

Vitol referred questions to Saras, which declined to comment.

 

 

--With assistance from Rachel Graham, Alberto Brambilla, Archie Hunter and Luca Casiraghi.

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