Russian JV Close Acquisition of Prime Shipping
The Russian Joint Venture between Rosneft, Sberbank Investments and Pietro Barbaro S.p.A. closed the acquisition of the Pietro Barbaro Group shipping assets in the Russian Federation (100% share of Prime Shipping group of companies). Prime Shipping is one of the leaders of the Russian river and sea transportation tanker market.
The deal was 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, including that in the area of oil and oil products trading, and secure tanker fleet transportation.
In particular, modern fleet of Prime Shipping will enable optimization of Rosneft’s transport charges; expand the geographical reach of the Company’s oil and oil products supplies. At the same time implementation of the terms of agreement will open new opportunities for the Company in attracting new clients and marketing of high-added-value products.
The company has the ‘youngest’ river fleet (28 modern river tankers, barges and tug boats with the average age of 6 years).