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GE and Rosneft to form joint venture to modernize Russia’s oil and gas infrastructure Downloads

GE and OJSC Rosneft, one of the world’s leading oil companies, signed a strategic agreement to establish a joint venture focused on developing local expertise and technology solutions for the growing oil and gas sector in the Russian Federation. The agreement, which will strengthen both GE and Rosneft manufacturing and commercial capabilities, is part of GE’s plan to invest $1 billion in the oil and gas industry in Russia by 2020.

The agreement expands on the parties’ memorandum of understanding (MOU) signed in June 2012 and covers four main business activities:

  • Monetizing Gas: turning natural gas into commercial products—including large- and small-scale liquefied natural gas (LNG), compressed natural gas (CNG) and gas-to-liquids (GTL).

  • Refining gas and petrochemicals.

  • Developing offshore and subsea technologies, including Arctic activities.

  • Enhancing production, including the use of artificial lift technologies.

As part of the agreement, GE and Rosneft also will pursue two other key initiatives: the establishment of a Research and Development Center and an Application Engineering and Training Center in Russia. With their focus on technology innovation, these two centers will help both companies to sustainably grow the oil and gas industry.

In support of the goals of the new joint venture, a separate contract was signed for GE to supply two 77-megawatt 6F 3-series gas turbines that will provide reliable power for Rosneft’s largest production project at its Vankor oilfield in Siberia. The two gas turbines will be manufactured at a Russian Gas Turbines LLC facility in Rybinsk that is operated by a joint venture between GE, INTER RAO UES Group and Russian Technologies Corporation.

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