Italian oil and gas firm Eni S.p.A. (E) Saturday signed an agreement with Rosneft (ROSN.L), Russia's largest oil producer, to develop trading and logistics opportunities.
The agreement plans to develop synergies between the logistic infrastructure networks of both companies. Additional value will be extracted from their own equity crude portfolios and refined products production.
The deal was signed in Rome by Igor Sechin, Rosneft President and Chairman of the Management Board, and Marco Alverà, CEO of Eni Trading & Shipping or ETS.
ETS is Eni's dedicated commodities trading arm, which is one of the largest buyers of Urals crude in the world and the largest for the Italian refinery system.
According to Eni, this agreement contributes to securing market access to Rosneft production, and will confirm ETS position as one of the leading traders in the European market.
Eni closed in Milan on Friday higher by 1.2 percent at 17.48 euros.
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