Rosneft and GE sign strategic co-operation agreement

Rosneft and GE have signed a strategic co-operation agreement at the recent St Petersburg International Economic Forum.

According to a statement by Rosneft, “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.”

The two companies are also to establish a joint Application Engineering and Training Center and an R&D Center.

Rosneft’s President, Igor Sechin was quoted as saying, “Efficient and environmentally safe growth of oil and gas production is only possible provided that the latest technologies are used in the industry. We are convinced that the initiatives we intend to develop jointly with GE as part of our strategic co-operation agreement will contribute to the most efficient development of Rosneft fields both onshore and offshore with the use of the latest state-of-the-art technologies, including those localised in Russia.”

Edited from various sources by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/24062013/rosneft_and_g_sign_strategic_cooperation_agreement/