GE announces US$1 billion Russian investment

GE entered into a US$1 billion sourcing program, signing a series of agreements with its Russian strategic partners at the 17th GE Oil & Gas Annual Meeting in Florence.

Expanding the scope of their 2013 strategic partnership, GE and Rosneft, Russia’s largest oil company, announced a long-term cooperation program to jointly develop local expertise and advanced solutions, including marine propulsion and oilfield equipment manufacturing. 

In marine:

  • GE, Rosneft, and Transmashholding (TMH) signed a letter of intent providing for the local production of GE V250 marine diesel engines by a GE-TMH joint venture (JV) in Penza, Russia. The delivery of the first units to Rosneft is expected in early 2018.

  • GE and Rosneft will proceed with preparations for joint work at an industrial shipbuilding cluster in Vladivostok. The cluster is planned to locally produce electrical equipment and steerable pod thrusters based on GE technology – as well as service marine diesel engines produced by the GE-TMH JV – for Rosneft’s fleet and other Russian civil vessels.

In oil and gas:

  • GE and Rosneft will further explore development plans for a facility in Murmansk, Russia to locally assemble GE oil and gas equipment to support Rosneft’s production activities.

  • The companies will continue joint work on artificial lift technology, with deliveries of GE electric submersible pumps (ESPs) already underway to Rosneft and its subsidiaries for testing and evaluation.

  • GE and Rosneft will also evaluate the potential of stationary distributed power solutions based on diesel engines locally produced by GE and TMH in Penza.

GE is currently working on several key infrastructure projects with Russian producers that meet GE’s quality and safety standards.

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