ROME: The family of Italian billionaire Massimo Moratti has agreed to sell a controlling stake in refiner Saras SpA to the commodities trading giant Vitol Group, in a deal which valued the company at about €1.7bil (US$1.9bil).
Privately-owned Vitol has been banking huge profits over the past few years as first the Covid-19 pandemic and then Russia’s invasion of Ukraine unleashed massive volatility across oil, gas and power markets.
