Italy's Eni and Russia's Rosneft have signed an extension to a cooperation agreement in the areas of upstream, refining, marketing and trading in Russia and abroad.
The agreement provides for the development of cooperation between Rosneft and Eni in Russia and abroad in the following areas: exploration and production of hydrocarbons, refining, trading, logistics, marketing and sales, petrochemicals, technology and innovation.
The deal was signed by Rosneft CEO Igor Sechin and Eni CEO Claudio Descalzi in the presence of Russian President Vladimir Putin and Italian Prime Minister Paolo Gentiloni.
The deal consolidated previous agreements for the joint development of exploration activities in the Russian Barents Sea and Black Sea, and will underpin further opportunities between the two Groups. In addition, the parties will consider further expanding their international cooperation, including the Zohr project offshore Egypt, as well as the potential for joint supplies of refined products to the country.
In terms of downstream operations, both firms will evaluate the use of Eni's technology for processing heavy oil residues at Rosneft’s refineries and the cooperation in refining activities at German refineries where both companies are shareholders.