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.

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.

Commenting on the signed Memorandum, Rosneft Chairman of the Management Board Igor Sechin said: “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. The Joint Venture will allow significantly boosting the efficiency of our logistics division; create additional marketing opportunities for our products in high-margin markets”.

Pietro Barbaro group owner Giovanni Barbaro underlined: “We shall put at the disposal of the Joint Venture our know-how and our passion for logistics. We are honoured and very proud to contribute to create value in this sector taking in consideration the potential of such a great company as Rosneft.”