Rosneft said it is bringing its partnership with Italian shipowner Pietro Barbaro to jointly dive into international shipping markets.

The Russian energy company said the pair signed a memorandum of understanding that aims to create a new joint venture focused on crude and products tanker shipping.

Rosneft chairman Igor Sechin

Binding contracts are expected to be signed later this year.

The two companies already have a strong partnership in Russia’s domestic shipping markets, where a joint venture of Rosneft, Pietro Barbaro and Sberbank Investments completed an acquisition of the Italian owner’s Prime Marine, an owner of Russian tugs, barges and river tankers.

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