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Rosneft and GE Develop Joint Manufacturing in Russia

01 February 2016

Rosneft and General Electric signed a long-term cooperation program.

The document involves construction plan of joint ventures for production of marine, oil and gas, and electrical equipment to ensure timely construction and commissioning of production facilities.

In particular, Rosneft and GE will continue their cooperation in developing ship-building projects of the Zvezda Shipbuilding Complex in Vladivostok. Cooperation between the companies provides for construction of a plant for ship steerable thrusters manufacturing as well as an enterprise, producing marine electrotechnical equipment.

As a part of their cooperation in the area of hydrocarbon production technologies, Rosneft and GE will proceed with launching wellhead equipment and flowing wellhead equipment manufacturing. The companies will also cooperate on a pilot project for remote monitoring and control of equipment at the assets of Ryazan Oil Refining Company.

Also, the program envisages further cooperation in the area of LNG production. GE and Rosneft’s subsidiary NGK Itera will continue to work on the project of founding Russia's first small-scale LNG plant based at Bratskekogaz company.

Rosneft, GE, and Transmashholding also signed a Letter of Intent providing for the local production of GE V250 marine diesel engines in Penza for further supply to Zvezda Shipbuilding Center. The delivery of the first units to Rosneft is expected in early 2018.The engines will be serviced at Zvezda's facilities.

Commenting on the program signing, Rosneft Chairman of the Management Board, Igor Sechin said: “The implementation of the program signed today with one of the global technology leaders ,signifies that our partnership is entering a new stage – industrial cooperation – which will enable us to meet the buoyant demand being formed by the Russian fuel and energy sector with the potential to jointly enter global markets.”

Jeff Immelt, GE Chairman and CEO, said: "We continue to see long-term development opportunities in Russia, including in sourcing from Russian manufacturers for our global businesses. Today, we are also pleased to be strengthening our partnerships with Rosneft and Transmashholding. This is a great example of GE working with leading Russian companies to tackle some of the region’s most technically intensive projects".

Note for editors:

In February 2014, an agreement to set up joint ventures was signed by Rosneft and GE, in the presence of the Prime Minister of the Russian Federation Dmitry Medvedev.

In May 2014 at the St. Petersburg International Economic Forum Rosneft and GE signed a technological cooperation agreement to promote the Research and Development Center setting-up initiative. The Agreement approved a mechanism for making separate target contracts aimed at research and development activities.

In June 2015 NGK Itera, a 100% Subsidiary of Rosneft, and General Electric at the St. Petersburg International Economic Forum signed an agreement of intent regarding cooperation in natural gas processing. The Parties agreed to assess a potential cooperation for gas processing using GE's technologies for small-tonnage production of liquefied natural gas (LNG).

In September 2015 Rosneft and GE as part of the Eastern Economic Forum signed a number of agreements to expand the program for localization of advanced oil and gas and marine engineering technologies in the Russian Federation. The agreements provide for manufacturing of wellhead equipment and flowing wellhead equipment as well as of steerable thrusters (ST).

OOO NGK ITERA is one of Russia's largest independent natural gas producing and marketing companies. Since 1998 ITERA has been developing its own gas production in the Yamalo-Nenets Autonomous District. ITERA has become the first private company to bring in production gas fields in Northern Russia. Rosneft consolidated OOO NGK Itera in July 2013.

GE has been working in Russia for nearly 100 years, bringing global expertise and localizing advanced technology with our strategic partners across power, oil & gas, transportation, and healthcare to solve some of the region’s biggest infrastructure challenges and improve people’s lives. Over 1,500 GE employees are working in Russia/CIS, with regional headquarters in Moscow.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
February 1, 2016

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 obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.