Rosneft and Pietro Barbaro might found a JV for international shipment by sea in 2016
Rosneft and Pietro Barbaro S.p.A. (Italy) have signed a memorandum of understanding on the foundation of a JV in the sphere of international shipment by sea.
The document presupposes a joint analysis by the working groups of 2 companies of possible forms of the JV. The parties highly assess the perspectives of the project’s realization due to the significant synergy effect from this type of alliance in the sphere of international shipment of oil and oil products: Rosneft is one of the global leaders on the extraction and processing of hydrocarbons, Pietro Barbaro – is a long-standing partner of Rosneft and the leading company in the sphere of tanker shipment.
The parties expect that the legally binding documents on the deal will be signed in 2016 in case the companies approve the results of the analysis.
On September 1st 2015 a JV of Rosneft, Sberbank Investment and Pietro Barbaro closed the deal on the purchase of the Russian shipping assets of Pietro Barbaro group (100% in “Prime Shipping” group). Prime Shipping is one of the leaders in the Russian market of oil and oil products shipment by river and has the youngest river fleet. Currently the activity of Prime Shipping is mainly focused on oil products shipment of Rosneft by the domestic ways of Russia and bordering seas. In the framework of cooperation with Rosneft, Prime Shipping transported over 11 mln tons of oil products of the Saratov oil refinery and Samara group of oil refineries.
