Rosneft and Pietro Barbaro SpA join forces in the international tanker market

Rosneft and Pietro Barbaro S.p.A. signed a Memorandum of Understanding with the scope of creating a Joint Venture (JV) in the area of international shipping. This agreement follows the acquisition of Prime Shipping group, one of the main tankers in Russia, by the two companies
The signed document envisages the performance by working groups of the companies of a joint analysis of potential formats of the JV’s organization. The parties highly value the prospects of the implementation of the projects, taking into consideration the prominent synergetic effect of such an alliance in the area of international shipping of oil and oil products: Rosneft is one of the global leaders in the area of hydrocarbon production and refining, whilst Pietro Barbaro is a long-standing Rosneft partner and a leading company in the area of tanker shipping, holding an own fleet and possessing extensive capabilities in the area of hydrocarbon logistics and storage.
The parties expect that in case the results of the joint analysis will be approved by both companies, legally binding documents will be signed within 2016.