Intesa Sanpaolo bank and shipping company Pietro Barbaro SPA has concluded an agreement on investment of $80 million into Russia’s tanker fleet (sea-river tankers) for transportation of oil products along waterways of Volga-Don Basin and Caspian Sea. The financing is to be guaranteed by Sace providing insurance services to Italian companies operating at foreign markets, PRIME-TASS refers to press release of Russian KMB-bank, part of Intesa Sanpaolo group.
The project valued at $110 million is on of the largest Italian investment projects in Russia. It was launched 3 years ago and is being successfully implemented owing in particular to fruitful cooperation between the banks of Intesa Sanpaolo group, KMB-bank and Societe Europeenne de Banque, as well as legal support of Watson, Farley & Williams.
The project is to result in creation of a fleet numbering 11 vessels to be operated by Russian company of Barbaro group – Prime Shipping LLC (Samara, staff numbering 250 people). The vessels are to be deployed for servicing contracts signed with the largest oil companies.
