GE and Rosneft sign pact to boost Russian gas sector

GE (NYSE: GE) and Russian oil company Rosneft are to form a joint venture to develop expertise and technology solutions for Russia’s oil and gas sector.

And as part of the pact, GE will supply two 77 MW 6F 3-series gas turbines that will provide power for Rosneft’s largest production project at its Vankor oilfield in Siberia.

The deal was signed today at the St Petersburg International Economic Forum by GE chairman Jeff Immelt and his Rosneft counterpart Igor Sechin (pictured).

Immelt said: “GE is proud to collaborate with Rosneft and help continue efforts to modernise its industrial infrastructure. We are confident that GE’s participation in the large-scale projects, such as arctic offshore field development, will help development of Russia’s oil and gas industry.”

The agreement covers four main business activities: turning natural gas into commercial products—including large- and small-scale liquefied natural gas, compressed natural gas and gas-to-liquids; refining gas and petrochemicals; developing offshore and subsea technologies, including Arctic activities; and enhancing production.

As part of the deal, GE and Rosneft will also establish a research and development centre and an engineering and training centre in Russia.

The two gas turbines for Rosneft’s Siberian oilfield will be manufactured at a Russian Gas Turbines facility in Rybinsk that is operated by a joint venture between GE, INTER RAO UES Group and Russian Technologies Corp.

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