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Rosneft signs long-term cooperation agreement with GE

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LNG Industry,

Rosneft has announced that it has signed a long-term cooperation programme agreement with General Electric (GE). The agreement involves a construction plan of joint ventures (JVs) for marine, oil and gas production, as well as electrical equipment to ensure the construction and commissioning of production facilities on schedule. In particular, Rosneft claims that they will continue developing ship-building projects of the Zvezda Shipbuilding Complex in Vladivostok, Russia. The two companies’ cooperation provides for the construction of a plant for ship steerable thruster manufacturing, as well as an enterprise producing electro-technical equipment for marine applications.

The programme will also involve further cooperation in LNG production. NGK Itera – a subsidiary of GE and Rosneft – will continue working to found Russia’s first small scale LNG plant, located at Bratskekogaz company.

A letter of intent was also signed by Rosneft, GE and Transmashholding for the local production of GE V250 marine diesel engines in Penza for additional supply to the Zvezda Shipbuilding Centre. The first units are expected to be delivered to Rosneft in 2018, and will be serviced at Zvezda’s facilities.

Igor Sechin, the Chairman of the Management Board at Rosneft, said: “The implementation of the programme signed today with one of the global technology leaders signifies that our partnership is entering a new stage – industrial cooperation – which will enable us to meet the buoyant demand being formed by the Russian fuel and energy sector with the potential to jointly enter global markets.”

The GE Chairman and CEO, Jeff Immelt, added: “We continue to see long-term development opportunities in Russia, including in sourcing from Russian manufacturers for our global businesses. Today, we are also pleased to be strengthening our partnerships with Rosneft and Transmashholding. This is a great example of GE working with leading Russian companies to tackle some of the region’s most technically intensive projects.”

Edited from press release by David Rowlands

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