• 21 June 2016

Rosneft and Pietro Barbaro consolidate a Joint Venture

Rosneft and Pietro Barbaro Joint Venture

Rosneft and Pietro Barbaro consolidate a Joint Venture

Pietro Barbaro and Rosneft tighten the alliance and consolidate a Joint Venture for cooperation on the Global Shipping Markets.

Pietro Barbaro S.p.A. and Rosneft (represented by RN-International projects) during the XX St. Petersburg International Economic Forum have signed an important Agreement to create a Joint Venture (JV) for international sea freight.

The Agreement regulates the purchase of the JV’s share by RN-International projects and the activities of the JV which, in particular, will provide shipping services to Rosneft and its partners, fleet joint operations 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 states.- “it will also positively affect other Company’s businesses, such as shipping, bunkering, agenting, brokerage. The project will have synergistic effect on the operations of the Parties: Rosneft is one of the global leaders in production, refining and export of hydrocarbons, whilst Pietro Barbaro is a a long-standing Rosneft partner and an established company in the area of tanker shipping, holding an own fleet and possessing extensive capabilities in the area of
hydrocarbon logistics and storage.”

Commenting the Agreement Mr. Gianni Barbaro said: «Pietro Barbaro is honoured for the great opportunity given by Rosneft and proud to continue to bring its shipping tradition and expertise to this joint venture. The common aim of the JV is to implement a profitable and sustainable business for Rosneft’s logistics of oil by complying with the highest international standards with focus on quality, safety and environment».

Mr. Igor Sechin, Rosneft Chief Executive Officer, declared: “Our collaboration with Pietro Barbaro has moved to a new level. Following the acquisition of the 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 its the presence on the Russian market, but also take a strong position on the world’s shipping scene. “

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