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NK Rosneft' OAO and General Electric Co Sign Strategic Cooperation Agreement


Thursday, 20 Jun 2013 08:00pm EDT 

NK Rosneft' OAO (Rosneft) announced that on June 21, 2013 Rosneft and General Electric Co (GE) signed a strategic cooperation agreement during the St. Petersburg International Economic Forum. The agreement will leverage GE technologies and equipment to improve the production efficiency and yields of Rosneft upstream & downstream assets as well as provide for a series of joint ventures to develop, manufacture, and sell new cutting edge technologies and equipment in Russia for use in the oil and gas industry. These ventures will be joint initiatives focused on four key Rosneft business activities which include gas monetization (LNG, CNG and GTL), offshore developments including the arctic, artificial lift production equipment, and refining & petrochemicals. Moreover, GE and Rosneft will undertake activities to establish in Moscow a joint Application Engineering and Training Center as well as a joint Research and Development (R&D) Center. The R&D Center will be dedicated to driving innovation and technological advancements in the oil and gas sectors and to bring products to market faster in Russia. This center will initially focus on offshore arctic, new technologies for gas and oil processing, including gas-to-liquid (GTL), equipment for increasing production of hard-to-recover reserves, polymers and polymer composite materials, and synthetic bio-fuels for next generation aircraft vehicles. 

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