Russia’s oil major Rosneft and Italy’s Pietro Barbaro S.p.A. have signed a Memorandum of Understanding to create a Joint Venture (JV) company focusing on international shipping.
Under the MoU, the two companies plan to explore possibilities to create a JV organization that would specialize in international shipping of oil and oil products.
Rosneft would contribute to the join venture with its extensive experience in the area of hydrocarbon production and refining, whilst Pietro Barbaro, which is a long-standing Rosneft partner, would provide its tanker shipping fleet and experience in the area of hydrocarbon logistics and storage.
The parties expect that should the joint analysis be approved by both companies, legally binding documents will be signed within 2016.
“We are glad about the effective extension of the cooperation with Pietro Barbaro: following our partnership in Russia, we are planning a joint approach to global markets, ” said Rosneft Chairman of the Management Board Igor Sechin commenting on the signed Memorandum.