NK Rosneft' OAO and General Electric Co Sign Cooperation Agreement

NK Rosneft' OAO (Rosneft) announced that on June 21, 2012 Mr. I. Sechin, Rosneft President, and Mr. John Krenicki, General Electric Co (GE) Vice Chairman President and CEO of GE Energy, and Mr. Cristiano Tortelli, GE Energy CEO for CEE, Russia and CIS, signed a Memorandum of Understanding and a Cooperation Agreement. These documents provide for implementation of joint projects intended to gradually address complex issues in joint design, development, manufacturing and sales of equipment for the oil and gas industry, as well as in installation and commissioning during capital construction, reconstruction and technical upgrading of oil and gas production facilities and use of GE International Inc. technology to enhance oil and gas exploration, production and refining performance. Assessment of opportunities to create technology and equipment for Arctic offshore production near the shore, improved oil production methods for oilfields with hard to recover reserves occupies a special place in the plans of both companies. In addition, Rosneft and GE expressed their intention to exchange professionals and to develop cooperation in advanced training and continuing education. In the framework of cooperation, the Agreement was also signed for supply by GE Energy Products France SNC of 5 6FA high-efficiency gas-turbine packaged units with the minimum emission level for petrochemical complex in the Russian Far East, Rosneft’s project being implemented in the Primorski Krai.