(Jun. 21) – Another joint venture for Italy’s ENI in Russia. ENI CEO Paolo Scaroni and Rosneft Chairman Igor Sechin signed agreements in Saint Petersburg today concerning their operation of assets in the Black Sea and the Barents Sea. The deal refers to the strategic cooperation agreement signed April 25, 2012 between the two companies, under which ENI and Rosneft will set up joint ventures (ENI 33.33%, Rosneft 66,67%) for the joint development of Fedynsky and Tsentralno-Barentsevsky licenses in the Russian offshore of the Barents Sea, and Zapadno-Cernomorsky license in the Russian offshore of the Black sea. Moreover, technology exchange will be a key element of the strategic partnership. ENI ‘s technological contribution to the joint venture is expected to be significant given the company’s extensive offshore experience in Norway and other countries. The signing marks an important step for ENI in Russian upstream and reinforces the strategic partnership between the two companies. (red)
