General Electric Co And OJSC Rosneft Sign MOU To Jointly Pursue Opportunities In Russia’s Oil And Gas Industry

General Electric Co And OJSC Rosneft announced that it has signed a memorandum of understanding (MOU) that lays the foundation for the two companies to jointly evaluate and develop commercial opportunities in oil and gas exploration and production in the Russian Federation. The MOU was signed by John Krenicki, GE vice chairman and president and CEO of GE Energy; and Igor Sechin, president of Rosneft. The agreement calls for a strategic, cooperative relationship that would (1) leverage GE Oil & Gas technologies to help Rosneft improve efficiency and yields in its oil and gas exploration and recovery operations, and (2) explore opportunities to jointly develop, manufacture and sell equipment for use in Russia’s oil and gas industry.