An agreement to create a joint venture on crude oil and petroleum products trading was signed today by Rosneft President and Chairman of the Management Board Igor Sechin and SARAS S.p.A. CEO Massimo Moratti.

Among the JV’s future key activities are trading operations involving both parties' assets as well as entering new markets using both companies’ potential.

The joint venture is created on a parity basis (50/50). The company is expected to begin operations in 2014 upon getting regulators’ approvals.