Open Joint Stock Company Rosneft Oil Company (MICEX:ROSN) and Saras S.p.A. (BIT:SRS) are eying the petrol station network in Italy of Royal Dutch Shell plc (LSE:RDSA). "I think they (Rosneft) are probably going to take a look and we hope to be able to cooperate with them," Saras Managing Director Dario Scaffardi said. "They (Rosneft) have a definite interest in expanding their supply chain from upstream to downstream," Scaffardi said. According to Reuters, Rosneft declined any immediate comment.

The board of directors of Saras S.p.A. has appointed the president of Rosneft, Igor Sechin, a new member, therefore replenishing the board after losing one of its former members.

Saras S.p.A. reported group earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of EUR 2,671 million against EUR 3,115 million reported a year ago. EBITDA was EUR 54.4 million against EUR 111.9 million reported a year ago. Comparable EBITDA was EUR 48.2 million against EUR 21.1 million reported a year ago. EBIT was EUR 6.0 million against EUR 61.2 million reported a year ago. Comparable EBIT in negative was EUR 0.2 million against EUR 29.6 million reported a year ago. Net loss was EUR 1.8 million against net result of EUR 14.1 million reported a year ago. Capex was EUR 33.4 million against EUR 36.1 million reported a year ago. Operating cash inflow was EUR 60 million from EUR 206 million reported a year ago. Adjusted net loss was EUR 10.7 million against EUR 36.6 million reported a year ago. The change in group revenues is primarily due to the decrease in revenues generated by the Refining and Marketing segments, because of lower prices for the refined oil products. This reduction in EBITDA can be attributed mainly to the Refining segment, whose results have been influenced by a lower revaluation of the inventories, both for crude oil and for the refined products. The difference at the comparable EBITDA level in the two periods under comparison is mainly due to the better result of the Refining segment in first quarter 2013.