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Eni and Russia's Rosneft agree to widen cooperation

BUSINESS
Eni and Russia's Rosneft agree to widen cooperation

Italy's energy giant Eni and Russia's Rosneft on Wednesday signed an agreement to broaden their cooperation, the two companies said.

The accord covers hydrocarbon exploration and production, refining, trading logistics, marketing and sales, petrochemicals, technology and innovation, Eni and Rosneft said.

Rosneft said the agreement included possible joint oil product supplies to Egypt and covered the massive Zohr natural gasfield - the largest ever found in the Mediterranean.

The accord was signed in Russia's Black Sea city of Sochi by Eni and Rosneft's CEOs, Claudio Descalzi and Igor Sechin in the presence of Russian president Vladmir Putin and Italy's premier Paolo Gentiloni, who was on a one-day visit to Russia aimed at boosting bilateral ties.

Production is due to begin at Zohr by the end of 2017 and the gas extracted is expected to be sold for domestic consumption in Egypt.

Eni controls 50 percent of the Zohr offshore project, while Rosneft owns up to 35 percent and BP - up to 15 percent.

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