RusEnergy

01/29/2007 - Upstream onLine - Russian state oil company Rosneft and the country's biggest shipping company, Sovkomflot, have set up a joint venture to serve Rosneft's offshore projects. "It (the agreement) will allow the oil company to ease the burden connected with the non-core business of providing sea components to its offshore and other big projects in Russia," Rosneft said. Sovkomflot has 56 ships, with total deadweight of more than 4.3 million tonnes, and focuses on shipping oil and refined products. Sovkomflot already serves the ExxonMobil-led Sakhalin 1 offshore oil project and operates Rosneft's Belokamenka floating storage facility near the Barents Sea port of Murmansk, Reuters reported.