PRTODAY / NewswireToday Free press release distribution service network

More news: Energy
Written by / Agency / Source: General Electric Company

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

GE and Rosneft Announce Joint Venture to Modernize Russia’s Oil and Gas Infrastructure - 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 (NYSE: GE)
GE and Rosneft Announce Joint Venture to Modernize Russia’s Oil and Gas Infrastructure

 

NewswireToday - /newswire/ - Moscow, Russia, 2013/06/21 - 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 (NYSE: GE). NYSE: GE

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

• Companies to Establish New R&D Center and Application Engineering and Training Center;
• GE to Deliver Two Gas Turbines to Power Rosneft’s Vankor Oilfield Production Project;
• GE to Invest $1 Billion by 2020 to Support Oil and Gas Industry in Russia.

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.

GE Chairman and CEO Jeff Immelt and Rosneft Management Board President and Chairman Igor Sechin signed the strategic cooperative agreement at the St. Petersburg International Economic Forum 2013.

GE Chairman and CEO Jeff Immelt said: “GE is proud to collaborate with Rosneft, the world’s biggest public oil company, and help continue efforts to modernize its industrial infrastructure. GE is committed to delivering local and leading-edge technological solutions to our customers that drive productivity and growth, and in Rosneft we have a strong partner. 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 expands on the parties’ memorandum of understanding (MOU) signed in June 2012 and covers four main business activities:

1. 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).
2. Refining gas and petrochemicals.
3. Developing offshore and subsea technologies, including Arctic activities.
4. 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.

“Efficient and environmentally safe growth of oil and gas production is only possible provided that the latest technologies are used in the industry. We are convinced that the initiatives we intend to develop jointly with GE as part of our strategic cooperation agreement will contribute to the most efficient development of Rosneft fields both onshore and offshore with the use of the latest state-of-the-art technologies localized in Russia. We are pleased to secure cooperation with GE one of the world leaders in developing and manufacturing of equipment for oil and gas industry,” said Rosneft Management Board President and Chairman Igor Sechin.

Ron Pollett, president and CEO GE in Russia and CIS said,"We are proud that cooperation with Rosneft, marked by the signing of the MOU in 2012, successfully continues today. Today’s strategic cooperation agreement highlights GE’s commitment to the role of a strategic partner and supplier of reliable technologies for Rosneft as it actively develops national O&G infrastructure.”

About Rosneft
Rosneft is the leader in the Russian oil industry and one of the largest public oil and gas companies in the world. The primary activities of Rosneft are oil and gas exploration and extraction, production and sale of oil products and petrochemicals.

In 2012, Rosneft reaffirmed its status as the largest company in terms proved liquid hydrocarbon reserves and the leader in terms of hydrocarbon resources among the world’s public oil companies. Rosneft is working actively on implementing large-scale investment projects, penetrating new markets, establishing global energy partnerships and making major acquisitions. After acquiring TNK-BP, Rosneft became the largest publicly traded oil producer in the world.

About GE
GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.

About GE in Russia
GE has worked in Russia since the beginning of the 20th century, when it participated in the implementation of the GOELRO plan, supplied the first diesel locomotives and oil and gas equipment for the country. Today all GE businesses are present in Russia, working in such spheres as healthcare, transportation, aviation, power, oil and gas, water treatment, lighting engineering and finance. Headquartered in Moscow, GE Russia covers nine time zones and employs 3,400 people in more than 35 major cities in Russia. In 2012, GE revenue in Russia (CIS included) exceeded $2.5 billion. GE has supplied more than 660 compressors and 600 turbines while 80 tons of water are processed each second by installed GE water treatment technologies. 10,000 units of medical equipment have been supplied to more than 4,700 clinics and more than 800 aircraft are equipped with GE engines and more than 460 diesel locomotives have been modernized.

Contacts
GE news, Masto Public Relations - E: information[.]mastopr.com.

Kate Culman, Masto Public Relations
P: +1 518 786 6488 - E: kate.culman[.]mastopr.com.

Howard Masto, Masto Public Relations
P: +1 518 786 6488 - E: howard.masto[.]ge.com.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: General Electric Company

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Energy articles,
CATCH Visitors via Your Competitors Announcements!


GE and Rosneft Announce Joint Venture to Modernize Russia’s Oil and Gas Infrastructure

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

GE News Center | Rosneft
Publisher Contact: Nina Byvsheva - GE Russia and CIS 
+7 495 739 69 19 / +7 903 561 90 91 (mobile) nina.byvsheva[.]ge.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any General Electric Company securities in any jurisdiction including any other companies listed or named in this release.

Energy via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From General Electric Company / Company Profile


Read Energy Most Recent Related Newswires:

Vestas Secures Order for 101 MW in the United States
PPG to Distribute Wastewater Substrate-repair Products from Sauereisen
Enel Begins Operations At World’s First Commercial Geothermal-hydro Hybrid Power Plant
Vestas Secures 112 MW for Three Projects in France
ENGIE and Statoil Agree on the Renegotiation of Their Long-term Gas Supply Contracts
ENGIE and AES Andres Leverage Core Strengths to Provide Reliable and Competitive LNG Supply in the Caribbean
Power Costs, Inc. (PCI) and GE Power Collaborate to Link Energy Operations with Energy Trading for End-to-End Machine to Market Software Solutions
GE Oil & Gas Signs Agreement with TAG GmbH to Install New Tuning Maintenance (TUMAS) Software on Entire Fleet of Gas Turbines
ENGIE Announces Two New Major Collaborations to Foster New Innovative Green Gas Production Methods Across Europe
Enel Inaugurates Apiacás Hydropower Complex in Brazil
Steam and Gas Turbine Manufacturers Realign Strategies to Harness Growth Opportunities within Clean Power Generation
Enel Starts Construction of Peru’s Largest Solar PV Plant
GE and Maersk Drilling to Pilot Marine Digital Transformation
SolarWinds to Join the Discussion on Interoperable IT Management for Defense Forces at AFCEA’s TechNet Asia-Pacific 2016
BP and GE Launch New Offshore Digital Technology with Plans to Deploy Globally

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  JobsWare.com

Visit  La Bella Bakery Artisan Bakery Arizona





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)