GE and Gazprombank recently signed a memorandum on strategic cooperation aimed at developing the Russian oil and gas sector.
The cooperation agreement defines key areas of collaboration in oil and gas and other energy projects in Russia. They include the joint development of a 16-megawatt (MW) gas turbine to be used by the gas network and in power generation facilities in Russia; the implementation of projects for liquefaction technologies, LNG use and transportation (including fuel quality enhancement technologies); the reconstruction of standard 200 to 300-MW steam-power units and the production and leasing of electric motors for oil drilling.
The companies also signed documents related to the practical implementation of the memorandum— the establishment of a joint investment pool to implement advanced technology projects; joint investments in Russia and CIS countries in strategic industries such as electric power, oil and gas, transportation and other innovative high-technology sectors.
Under the memorandum, the parties also have agreed to finance innovation and research projects for the sustainable development of the oil industry.
Ron Pollett, president and CEO GE in Russia and CIS : “ This expanded collaboration with Gazprombank will further enable us to provide localized technology that is innovative and efficient contributing directly towards the growth of the oil and gas industry—a key economic sector for Russia ”.
Andrey Akimov, Chairman of the Management Board, Gazprombank : ” It is important that this collaboration gives an opportunity for the strategically important Russian industrial enterprises to master the most advanced technologies to produce state-of-art equipment. Our partnership shows a very efficient way to maintain growth of the innovative engineering companies of Gazprombank and to support key sectors of the national economy with new technology solutions. ”
GE and Gazprombank have a successful history of cooperation in oil and gas technology innovation. Since 2009, the parties have successfully implemented a project for the localization of gas turbine technology under GE license, designed for natural gas transmission through main gas pipelines. The project is carried out by REP Holding, one of the Gazprombank Group’s industrial companies.
[mappress] LNG World News Staff, July 3, 2013; Image: GE