In St. Petersburg agreements for over one billion euro: gas, oil, ships

Sace, Simest, Saipem, Fincantieri, Eni:  developments in CDP Group

Following Italo-Russian, talks on the sidelines of the International Economic Forum in St. Petersburg, more than one billion euros in agreements involving energy cooperation were signed. Eleven agreements and letters of intent signed by the Italian mission in Russia, follow nine contracts signed the day before the Italian pavilion.

The CDP Group is in the forefront of the signing of these agreements, the first of the Memorandum of Understanding signed by CDP-controlled Sace, Azerbaijan Republic- controlled SOCAR, Russian export credit agency Exiar, and Russian Gazprombank Group. The agreement supports bidding projects in which Maire Tecnimont is general contractor for a return estimated at 3.8 billion euros. With this agreement, the CDP Group confirms its commitment to strengthen the international competitiveness of the Italian entrepreneurial system through the integration of Sace’s services with those provided by the CDP for exports and Simest – also a CDP company - to promote investments of Italian companies all abroad.

Furthermore, Saipem signed a strategic partnership and cooperation agreement focused on activities related to liquefied natural gas (LNG) with Novatek, the largest independent producer of natural gas in the Russian Federation. A Letter of Intent was signed between the shipbuilding group Fincantieri and Rosneft to set up a joint venture for the design of a new type of units that will be built at the cluster of Zvezda shipyard in eastern Russia. As part of the agreement, the possible development of professional skills useful for supporting the stage of ship construction will be evaluated.  Following the meeting between Russian President Vladimir Putin and Italian prime minister Matteo Renzi, Rosneft and Eni subsidiary Saipem signed the agreement based on both companies’directives of the cooperation.

The agreements strengthen the commitment of the CDP Group to promote investments of Italian companies abroad supporting them technically and financially. In order, as indicated in CDP’s Business Plan, to mobilize resources expected to total 63 billion euros by 2020.