Rosneft, Pietro Barbaro Enter Shipping JV

Pietro Barbaro Russias oil major Rosneft and Italys Pietro Barbaro S.p.A. have formalized their plans to launch a joint venture focusing on international sea freight as they signed an agreement for the JV at the ХХ St. Petersburg International Economic Forum. Signed by Rosneft Chief Executive Officer Igor Sechin and Pietro Barbaro Group owner Giovanni Barbaro, the document regulates the acquisition of share in the JV by RN-International projects and activities of the JV which, in particular, will provide shipping services to Rosneft and its partners in the field, fleet joint operating and management. 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 said. 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 worlds shipping scene, Sechin said. The parties signed a Memorandum of Understanding on the JV, which would specialize in international shipping of oil and oil products, in February.