ROME, Feb. 25 (UPI) -- Italian energy company Eni said a deal with Russian oil company Rosneft will make it one of the leading traders in the European market.
Eni Trading and Shipping Chief Executive Officer Marco Alvera signed a strategic trading agreement in Rome with Rosneft President Igor Sechin. Eni said the aim of the deal is to coordinate their logistic infrastructure networks.
"Rosneft is Russia's largest oil producer, while Eni Trading and Shipping is one of the largest buyers of Urals crude in the world and the largest for the Italian refinery system," Eni said in a statement.
"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."
The companies last year discussed prospects for the development of potential reserves in northern Russian waters.
Eni described the areas as having "great mining potential," saying it estimated there are at least 36 billion barrels of oil equivalent in recoverable reserves in the deposits on Russia's continental shelf.