Rosneft and Italy’s Pietro Barbaro have signed an agreement to establish a joint venture for what the pair described in a release as “international sea freight”.
Pietro Barbaro will ship oil for Rosneft under the joint venture.
“The cooperation with the Italian party will allow Rosneft to strengthen its position in the tanker market, increase the economic efficiency of its logistics business dimension and as a consequence boost the profitability of its operations,” Rosneft noted.
Rosneft ceo Igor Sechin said: “Our collaboration with Pietro Barbaro has moved to a new level. Following the acquisition of shipping assets in Russia, we take the next step in the development of our relations with a long-standing partner. The new joint venture will allow Rosneft not only to increase the presence on the Russian market, but also take a strong position on the world’s shipping scene.”
Rosneft has also inked another agreement with an Italian firm, Fincantieri, to develop shipbuilding in Russia.
