ENI, the Italian gas and oil giant, has entered into a strategic partnership with Rosneft to explore trading and logistics opportunities in the energy market. The announcement was made by ENI last Saturday.
In its statement, ENI said that the goal of the agreement is "to develop synergies between the companies' respective logistic and infrastructure networks, extracting additional value fromt heir own equity crude portfolios and refined products production."
Rosneft is currently Russia's biggest producer of crude oil while ENI is amongst the largest purchasers of Urals crude in the market today. The purchases are coursed through ENI's trading and shipping subsidiary which is then brought into the refinery system in Italy.
ENI added that the agreement would contribute to the expansion of market access for Rosneft's products to the Western European market.
Currently, ENI's trading and shipping subsidiary has an employee headcount of 530, with offices located in major metropolitan cities such as Amsterdam, Brussels, London, Milan, Rome and Singapore.
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