Saras SpA (SRS.MI), one of Italy 's biggest oil refiners by capacity, said Tuesday it has signed a cooperation agreement with Russian state-controlled oil company OAO Rosneft (ROSN.RS).

Saras said in a statement that the deal, which was signed Saturday, would create an equally owned venture for the trading and processing of crude oil and the selling of petroleum products.

The companies aim to benefit from Rosneft's access to crude oil and other feedstock, and Saras's supply and trading opportunities around its Sarroch refinery on the Italian island of Sardinia , the statement said.

The two also intend to enter and develop new oil product markets and activities to complement the existing marketing channels of Saras, it added, without giving further details.

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