Pietro Barbaro to invest $100 million into oil transportation by Russia’s inland waterways
Italian shipping company Pietro Barbaro will invest $100 million into the project on transportation of oil by inland waterways of Russia, the project’s director Massimo Nickolatsi told the reporters at a press conference in Moscow. This information has been provided Interfax according to RZD-Partner. According to the project’s director, the funds are to be invested into construction of a new fleet for oil and oil products transportation along Volga-Don Basin rivers and seas linked to them.
For that purpose Pietro Barbaro has acquired Russian company Prime Shipping, the fleet of which consists of six vessels. Besides, the company intends to build six more vessels at Russian shipyards with a deadweight of 5.4 thou tons. EBRD has also participated in financing of the project – it has granted a credit for $70 million. Besides, EBRD has purchased 18% of the authorized capital of SPV-company – owner of the fleet. 82% of the authorized capital are owned by Pietro Barbaro.
According to Igor Ganin, Director General of Prime Shippimg, all the vessels will sail under Russian flag. In winter periods they are to be used for oil transportation in the Caspian Sea. Pietro Barbaro plans to transfer 1 million tons per year – it is about 3-4% of total oil transportation by rivers of the RF, Ganin says. According to him, major oil supplier is ТNК-BP.
