Posted on: 28 June 2016
International law firm Watson Farley & Williams (“WFW“) advised Pietro Barbaro S.p.A., a leading Italian shipping group, on the establishment of its joint venture (“JV”) with Russian energy giant Rosneft, through its subsidiary RN-International projects.
The agreement was signed in St. Petersburg by Rosneft CEO Igor Sechin and Pietro Barbaro Group owner Giovanni Barbaro in the presence of Russian President Vladimir Putin and Italian Prime Minister Matteo Renzi.
Signed in continuation of the Memorandum concluded in February 2016, the agreement regulates the acquisition of shares in the JV by RN-International projects as well as the activities of the JV which will provide shipping services to Rosneft and its partners in the field, including joint fleet operation and management.
Founded in 1885, Pietro Barbaro is one of Italy’s leading companies for tanker shipping, holding an own fleet and possessing extensive capabilities in the area of hydrocarbon logistics and storage. Majority owned by the Government of Russia, Rosneft is the largest publicly traded oil company in the world.
The WFW team advising Pietro Barbaro was led by WFW corporate partner and Head of Italy Eugenio Tranchino, assisted by corporate counsel Luca Sfrecola, with counsel Giuseppe Franch advising on tax matters. Corporate associate Giovanni Incardona also assisted. The team worked closely with throughout the transaction with Pietro Barbaro’s legal team led by Francesca Romana Barbaro.
Eugenio Tranchino commented: “We are delighted to have successfully advised our client on this important transaction, which signifies a crucial step forward in the development of their business strategy, consolidating their presence at the vanguard of the global shipping industry. The transaction was the result of intense teamwork and it demonstrates WFW’s ability to work on transnational deals involving multi-jurisdictional issues and foreign counterparties”.