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Cooperation between Rosneft and General Electric (GE)

21 June 2012

On June 21, 2012 I. Sechin, Rosneft President, and John Krenicki, GE Vice Chairman President and CEO of GE Energy, and 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, the largest Rosneft’s project being implemented in the Primorski Krai.

Such cooperation will promote the environmental and industrial safety of Rosneft’s plants.

Notes for editors:

GE is a global multi-purpose company involved in infrastructural projects and financing of the most challenging tasks of the present day. GE covers manufacturing of aviation engines, energy generation equipment, development of water treatment, purification systems and visualization techniques in medicine, as well as provision of financial services. GE and its innovations have defined world development trends for over 130 years already. More than 300 thousand GE employees transfer innovative ideas into projects and services in over 100 countries of the globe.

GE has been present in Russia since the beginning of the 20th century, when the company was on the State Committee on Electrification of Russia (GOELRO), supplied first diesel locomotives and oil and gas equipment to the country. Now, all GE business units operate in Russia in such sectors as health care, transport, aviation, power, oil&gas, water purification, illumination engineering, as well as finance. GE HQ in Russia are located in Moscow, with its staff exceeding 3,000 people.

Rosneft Information Division
Tel.: +7 (495) 411 54 20
Fax: +7 (495) 411 54 21
June 21, 2012

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.