EMEA News
Rosneft Buys Inland Oil Shipping Group
Russian oil giant Rosneft says it has reached an agreement to acquire 95 percent of inland shipping company Prime Shipping Group (Prime Shipping) from Italian ship owner Pietro Barbaro Group.
Prime Shipping is a group of companies that transport oil and oil products around the Russian Federation's inland waterways and seas.
Sberbank Merchant Banking is a financial partner with Rosneft in the deal, and the company will also borrow money from the bank.
Pietro Barbaro Group will remain the minority partner in Prime Shipping.
"This transaction will allow Rosneft, as one of Prime Shipping shareholders, to expand and strengthen capacities of Rosneft in oil and oil-products river transportation industry and to assure efficient supply of products to the best sales routes," said Rosneft President Igor Sechin.
"This transaction is also attractive for us from the financial side as a result of partnership with Sberbank."
On its website, Pietro Barbaro Group calls Prime Shipping "one of the most important players in the Volga-Don area and on the strategic routes of the Black Sea and the Caspian Sea."
