Saras S.p.A.

Saras S.p.A. is an Italian energy company whose core business is the refining and marketing of petroleum products. Founded in 1962 by Angelo Moratti, the company developed its principal industrial base at Sarroch, on the island of Sardinia. The Sarroch refinery began operating in 1965 and became the defining asset of the Saras Group. The site is described as having the largest refining capacity among Mediterranean refineries, with an annual capacity of approximately 15 million tonnes. Its scale makes Saras an important participant in the Italian and wider Mediterranean energy-product supply chain. The company’s activities extend beyond refining. Saras sells and distributes products including gasoline, diesel, heating oil, liquefied petroleum gas, virgin naphtha, and aviation fuel. Its wholesale operations have been conducted both directly and through subsidiaries, including Saras Energia in Spain and Arcola Petrolifera in Italy. The group’s commercial footprint has therefore included the Italian and Spanish markets, with petroleum products distributed to industrial, commercial, transport, and other downstream customers. Beginning in the 1990s, Saras expanded from its traditional refining base into oil wholesale. In the early 2000s, it also entered power generation. Through Sarlux, the group operates an integrated gasification combined-cycle facility at the Sarroch complex. The plant uses heavy refinery products as feedstock and has installed capacity of approximately 575 megawatts. The company has stated that the facility generates more than 4 billion kilowatt-hours of electricity annually, equivalent to more than 45 percent of Sardinia’s electricity requirement according to the cited reference material. Saras also developed a renewable-energy presence through Sardeolica. Since 2005, the subsidiary has operated a wind farm at Ulassai in Sardinia, with installed capacity of approximately 96 megawatts. This combination of refining, refinery-linked power generation, wholesale distribution, and wind power has given Saras a diversified position within the energy sector, although petroleum refining remains the group’s central industrial activity. The Sarroch refinery has also been the focus of public scrutiny concerning industrial pollution and workplace safety. A 2009 documentary examined the refinery’s environmental impact and the death of a worker, while a separate workplace incident that year resulted in the deaths of three workers. Legal proceedings followed, including convictions of two Saras managers by the Cagliari Court of Appeals in 2014; the company itself was found not liable in that proceeding. Saras also faced an investigation related to the pricing of its stock-market listing. Milan prosecutors opened that investigation in 2007, and the case was dismissed in 2011. Saras is a corporate energy brand rather than a consumer-facing product brand. Its identity is principally associated with the Sarroch refinery, fuel distribution in Italy and Spain, and the conversion of refinery by-products into electricity. The company has been listed on the Italian stock exchange under the ticker SRS.

Saras was established in 1962 by Angelo Moratti as an Italian energy enterprise. Its industrial development was anchored in Sardinia, where construction of the Sarroch refinery culminated in the start of operations in 1965. The refinery became the company’s principal asset and established Saras as a significant participant in Mediterranean petroleum refining. For several decades, refining formed the center of the group’s activities. During the 1990s, Saras broadened its business model by entering the oil wholesale market. It developed operations in Italy through Arcola Petrolifera and in Spain through Saras Energia. This expansion connected the refinery with downstream sales and distribution channels and enabled the group to market products such as gasoline, diesel, heating fuel, LPG, naphtha, and aviation fuel. In the early 2000s, Saras diversified into electricity generation. Its Sarlux subsidiary operates an integrated gasification combined-cycle plant associated with the Sarroch refinery. The facility uses heavy refinery products as feedstock and produces electricity, linking the company’s refining and power businesses. The plant is reported to have installed capacity of approximately 575 MW and annual generation exceeding 4 billion kWh. Saras also entered wind power through Sardeolica. From 2005, Sardeolica operated a wind farm at Ulassai in Sardinia with installed capacity of approximately 96 MW. The group’s industrial scale is centered on Sarroch. The refinery is described in the cited reference as the largest-capacity refinery in the Mediterranean, with capacity of about 15 million tonnes per year, representing roughly 15 percent of Italy’s total refinery capacity. Saras has used this base to supply the Italian and Spanish wholesale markets. Reference material reports that in 2018 the group sold approximately 2.12 million tonnes of petroleum products in Italy and 1.56 million tonnes in Spain through Saras Energia. Saras has also faced scrutiny related to its public listing, environmental effects, and safety performance. In 2007, Milan prosecutors investigated allegations that the company’s initial stock-market pricing had been inflated; the case was dismissed in 2011. A documentary released in 2009 explored alleged pollution around Sarroch and the death of a worker. In the same year, three workers died at the refinery. Litigation arising from the incident resulted in appellate convictions in 2014 for Dario Scaffardi and former manager Guido Grosso, with suspended sentences and damages awarded to plaintiffs. The company itself was found not liable in that case. As described by the cited Wikipedia article, Saras is a listed Italian energy multinational operating across refining, petroleum-product marketing, transportation, and power generation. Its principal identity remains tied to the Sarroch refinery, while its wholesale and electricity activities provide additional dimensions to the group’s energy portfolio.

• 2014

  Appellate convictions in refinery safety case

  [1]Saras S.p.A.en.wikipedia.org

  The Cagliari Court of Appeals convicted two Saras managers, imposed suspended 20-month sentences, and awarded damages to plaintiffs; Saras was not found liable.

• 2011

  Listing investigation dismissed

  [1]Saras S.p.A.en.wikipedia.org

  The investigation into the pricing of Saras’s listing was formally dismissed.

• 2009

  Refinery documentary and workplace deaths

  [1]Saras S.p.A.en.wikipedia.org

  A documentary examined alleged pollution and a worker death at Sarroch; three workers also died at the refinery during the year.

• 2007

  Listing-price investigation begins

  [1]Saras S.p.A.en.wikipedia.org

  Milan prosecutors opened an investigation into allegations that Saras had been listed at an inflated price.

• 2005

  Ulassai wind farm becomes part of the energy portfolio

  [1]Saras S.p.A.en.wikipedia.org

  Sardeolica began operating the Ulassai wind farm in Sardinia, adding renewable generation to Saras’s refining and gas-fired power activities.

• 2002

  Entry into power generation

  [1]Saras S.p.A.en.wikipedia.org

  In the early 2000s, the group expanded into electricity generation through the refinery-linked Sarlux integrated gasification combined-cycle plant.

• 1995

  Expansion into oil wholesale

  [1]Saras S.p.A.en.wikipedia.org

  During the mid-1990s, Saras entered oil wholesale through operations in Italy and Spain, including Arcola Petrolifera and Saras Energia.

• 1965

  Sarroch refinery begins operations

  [1]Saras S.p.A.en.wikipedia.org

  The company’s major refinery at Sarroch in Sardinia entered operation and became the foundation of the group’s refining business.

• 1962

  Saras is founded

  [1]Saras S.p.A.en.wikipedia.org

  Angelo Moratti founded Saras as an Italian energy company.

An integrated Mediterranean energy operator built around large-scale petroleum refining, downstream fuel distribution, refinery-linked power generation, and a smaller renewable-energy business.

• Petroleum refining · 1965

  Sarroch refinery

  Saras’s core industrial asset is the Sarroch refinery in Sardinia. The facility processes crude oil into a broad portfolio of petroleum products and is described as having approximately 15 million tonnes of annual refining capacity, the highest capacity among Mediterranean refineries in the cited reference material. It supplies Saras’s downstream wholesale and distribution activities in Italy and Spain.

• Refined fuels and feedstocks

  Petroleum products

  Saras markets and distributes gasoline, diesel, heating oil, liquefied petroleum gas, virgin naphtha, and aviation fuel. These products are sold directly and through group subsidiaries, principally serving wholesale customers and energy-product markets in Italy and Spain.

• Electricity generation

  Sarlux IGCC power plant

  Managed by Sarlux, the integrated gasification combined-cycle plant uses heavy products from the refinery as feedstock to generate electricity. The facility has approximately 575 MW of installed capacity and is integrated into the Sarroch industrial complex.

• Wind power · 2005

  Ulassai wind farm

  Operated by Sardeolica, the Ulassai wind farm represents Saras’s renewable-energy activity in Sardinia. The facility has approximately 96 MW of installed capacity and has been operated by the group since 2005.

• 2014

  Appellate convictions following refinery deaths

  The Cagliari Court of Appeals convicted Saras manager Dario Scaffardi and former manager Guido Grosso in connection with the refinery case. Their suspended sentences were reduced to 20 months, and plaintiffs received damages; the company was judged non-liable.

  Source

• 2009

  Pollution and worker-safety allegations at Sarroch

  A documentary about the Sarroch refinery examined alleged pollution and a worker death. Three workers died at the refinery in the same year, leading to later criminal proceedings involving two managers.

  Source

• 2007

  Investigation into stock-market listing price

  Milan prosecutors investigated allegations that Saras’s stock-market listing had been priced artificially high. The case was dismissed on 12 May 2011.

  Source

Read more

• 2005

  Expansion into wind powerStrategy

  Background

  Saras broadened its energy portfolio beyond petroleum and refinery-linked generation.

  Action taken

  Through Sardeolica, the group began operating the Ulassai wind farm in Sardinia.

  Aftermath

  Wind generation became a renewable component of the group’s otherwise refinery-centered energy portfolio.

  Source

• 2002

  Diversification into electricity generationStrategy

  Background

  The group identified an opportunity to use refinery-related heavy products in an integrated power-generation process.

  Action taken

  Saras developed the Sarlux integrated gasification combined-cycle plant at Sarroch.

  Aftermath

  The company added a large electricity-generation business linked to its refinery operations.

  Source

• 1995

  Move into oil wholesaleStrategy

  Background

  Saras sought to extend its role beyond refinery operations and participate more directly in downstream petroleum-product markets.

  Action taken

  The group established or operated wholesale activities in Italy and Spain through Arcola Petrolifera and Saras Energia.

  Aftermath

  The expansion gave Saras a downstream commercial presence alongside its Sarroch refining base.

  Source

1. 1Saras S.p.A.en.wikipedia.org