Eni, Rosneft Enter Trading and Logistics Deal
Rosneft and Eni agreed to strengthen their cooperation by signing a strategic agreement to develop trading and logistics opportunities. The agreement was signed in Rome by Igor Sechin, Rosneft President and Chairman of the Management Board, and Marco Alverà, CEO of Eni Trading & Shipping (ETS), on Saturday, February 23.
The aim of the agreement is to develop synergies between the companies’ respective logistic infrastructure networks, extracting additional value from their own equity crude portfolios and refined products production.
Rosneft is Russia’s largest oil producer, while Eni Trading & Shipping is one of the largest buyers of Urals crude in the world and the largest for the Italian refinery system. This agreement contributes to securing market access to Rosneft production, and will confirm ETS position as one of the leading traders in the European market.
Eni Trading & Shipping is Eni’s dedicated commodities trading arm. It provides service to Eni’s business units and external counterparties. ETS operates as Eni’s unique interface on the market to ensure an integrated global view, and supports Eni’s businesses by trading crudes, refined products, natural gas, power and environmental products, leveraging Eni’s existing strengths and networks and by designing advanced risk management solutions.
ETS employs about 530 employees in its offices in London, Rome, Milan, Houston, Brussels, Amsterdam and Singapore.
Press Release, February 25, 2013