13:20 GMT +3 hours30 June 2016
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Representatives of Russia’s Rosneft to Join Board of Italy’s Pirelli

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Three representatives of Russian energy giant Rosneft will join the board of directors of major Italian auto tire producer Pirelli & C. S.p.A, according to a statement issued by the oil company Friday.

MOSCOW, July 11 (RIA Novosti) – Three representatives of Russian energy giant Rosneft will join the board of directors of major Italian auto tire producer Pirelli & C. S.p.A, according to a statement issued by the oil company Friday.

At the St. Petersburg International Economic Forum (SPIEF) held in May, Rosneft signed a deal to purchase a 50 percent share in Camfin S.p.A., a holding that owns 26.19 percent of Pirelli.

The Russian company closed the contract with money from pension funds and financial institutions involved in project financing. The share of the holding was bought from a group of companies, including the banks Unicredit, Intesa and Clessidra fund.

After signing the deal financial investors nominated candidates to the board of Pirelli, among whom were Rosneft CEO Igor Sechin, the company’s vice president for commerce and logistics Didier Casimiro and financial director Petr Lazarev.

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