• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 20 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 7 hours Starvation, horror in Venezuela
  • 1 day Pakistan: "Heart" Of Terrorism and Global Threat
  • 15 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 15 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Venezuela set to raise gasoline prices to international levels.
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 13 mins Corporations Are Buying More Renewables Than Ever
  • 2 days WTI @ 69.33 headed for $70s - $80s end of August
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 8 hours China goes against US natural gas
  • 9 hours Why hydrogen economics does not work
Alt Text

Cracks In Global Economy Weigh On Oil Markets

Oil prices fell this week…

Alt Text

U.S. Drillers Add Double Digit Oil, Gas Rigs

Despite the correction in oil…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Trending Discussions

Rosneft, Eni Ink Key Oil Supply Deal

Rosneft, Eni Ink Key Oil Supply Deal

Russia's Rosneft and Italy’s Eni have announced they will sign an agreement on mutual oil supplies to European refineries.

The new agreement comes amid increased cooperation and burgeoning bilateral trade between Russia and Italy, which imports most of its oil and gas and is struggling to dig itself out of recession.

Rosneft will supply Eni’s refineries with 1 million tons of oil, while Eni will supply Rosneft refineries with 400,000 tons of oil under the agreement, Reuters reported.

Related article: Only Oil Insiders Are Looking At This Play

The Rosneft supplies will go to the PCK Schwedt refinery Germany and the ?eská Rafinerska refinery in the Czech Republic, in which Eni holds stakes. Eni’s supplies will go to Germany’s Ruhr Oel GmbH refineries, in which Rosneft holds a 50% stake.  

“The reached agreements are a consecutive step in strengthening of cooperation between Rosneft and Eni in the field of trading and the logistics, following signing of the agreement on development of opportunities in the field of trading and logistics from February,” Rosneft president Igor Sechin said.

The new agreement follows a February general agreement signed by the two companies as a framework for trading and logistics cooperation.

Ties between the two companies continue to expand, with the eyeing of joint investment in a new logistics center near Venice and Rosneft’s stated plans to raise its stake in Italian refiner Saras from the current 21%, depending on approval by the Italian government.

In 2012, Eni and Rosneft signed a pact to jointly develop offshore reserves in Russia’s Barents and Black Seas in a deal that gave Eni a 33% stake in the joint venture in fields with estimated recoverable reserves of 36 billion barrels of oil equivalent.

Related article: Small Company’s New Subsea Wellhead Tap Design Attracts Oil Majors Interest

Also earlier this year, Italian utility firm Enel signed an agreement for collaboration with Rosneft to develop oil and gas fields outside of Russia.

On 26 November, Russian President Vladimir Putin said the two countries hoped for a bilateral trade volume of $50 billion this year, up from $45.8 billion last year. Bilateral trade has already grown 24% from January through September this year, and Russian investment in Italy has quadrupled to $500 million in four years. Italian investment in Russia has reached $1 billion.  

“Italy is fourth among Russia’s largest trade partners,” Putin said after talks in Trieste with the Italian Prime Minister Enrico Letta. “Bilateral trade has been growing. This year, despite problems in the global and European economy, it will grow by another 24%. I think it will reach or even exceed the $50 billion mark.”

By. Joao Peixe of Oilprice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News