Russian oil giant Rosneft has entered into a joint venture with Pietro Barbaro to enter global shipping markets. The two companies signed a memorandum of understanding this week.

The new joint venture is designed to deliver oil and oil products around the world. According to a statement from Rosneft the signed document envisages the performance of the companies of a joint analysis of potential format of the joint venture’s organisation. Legally binding documents will be signed by the two companies later this year should the results of the joint analysis be approved by both companies.

Rosneft management board chairman Igor Sechin said: “We are glad about the effective extension of the cooperation with Pietro Barbaro: following our partnership in Russia, we are planning a joint approach to global markets.

“The joint venture will allow significantly boosting the efficiency of our logistics division; create additional marketing opportunities for our products in high-margin markets.”

Pietro Barbaro group owner Giovanni Barbaro said: “We are honoured and very proud to contribute to create value in this sector taking in consideration the potential of such a great company as Rosneft.”

In last September, Russian JV of Rosneft, Sberbank Investments and Pietro Barbaro acquired shipping assets of Pietro Barbaro Group in the Russian Federation, which included 100% share of Prime Shipping group of companies.

Prime Shipping provides river and sea transportation services in Russia. The company’s river fleet includes 28 modern river tankers, barges and tug boats with an average age of 6 years.

Rosneft’s focus has traditionally been in hydrocarbon extraction where Pietro Barbaro has been wholly focused on shipping. The shipping company, through its fleet, provides services in the area of hydrocarbon logistics and storage.