Rosneft, Sberbank and Pietro Barbaro ink agreement with regard to Acquisition of Prime Shipping

The Russian Joint Venture of Rosneft, Sberbank Investments and Pietro Barbaro S.p.A. signed at the St. Petersburg International Economic Forum a legally binding Framework Agreement with regard to the acquisition by the Joint Venture (JV) of Pietro Barbaro Group of shipping assets in the Russian Federation (100% share of Prime Shipping Group). The document was signed by Rosneft Managing Board’s Chairman Igor Sechin and Pietro Barbaro Group owner Giovanni Barbaro.

The closing of the deal is subject to the fulfillment of conditions precedent, envisaged by the Framework agreement. The deal will be financed by Sberbank.

The acquisition of a logistics asset will allow Rosneft to strengthen its positions in the river transportation market and enhance the efficiency of operations, among other things in the area of oil and oil products trading, and secure tanker fleet transportation.

Commenting on the signing Igor Sechin said: “The deal expands Rosneft logistical potential. Prime Shipping’s modern fleet will lead to the optimization of transport charges; expand the geographical reach of the Company’s oil and oil products supplies. At once the implementation of the terms of the agreement will bring about the possibilities for the amplification of our client portfolio and marketing of high-added-value products”.

Prime Shipping is one of the leading companies in the Russian inland and sea transportation market. The company has the ‘youngest’ river fleet (28 modern river tankers, barges and tug boats), with an average age per ship of 6 years. Prime Shipping operations are primarily focused on the transportation of Rosneft oil products within inland waterways of Russian Federation and adjacent seas.

(Source:PORTNEWS Russia http://portnews.ru/news/201640/  )