Eni, Italy's gas and oil major provider, announced that it has signed a strategic agreement with Rosneft for the development of trading and logistics opportunities.

The Italian oil producer said in a statement that the strategic deal is aimed at creating synergies between the respective logistic infrastructure networks of both companies, drawing out value from their own equity portfolios of crude and production of refined products.

Rosneft is considered as the largest oil major in Russian while Eni is one of the world's biggest buyers of Urals crude through its shipping arm and trading. Eni is also known for being the largest for the refinery system in Italy.

Eni added that this agreement contributes to securing market access to the production of Rosneft.