GE and "Rosneft" extend scientific and technical cooperation

GE (NYSE: GE) and JSC " NK" Rosneft " , one of the leading oil companies in the world , signed an agreement on the establishment of joint ventures aimed at expanding scientific and technical cooperation between the two companies . The Agreement provides the first stage of the creation of two specialized centers : applied engineering and training center , as well as research centers.

Under the agreement, the company emphasizes the desire to focus its efforts on the development of innovative technologies and their industrial applications in order to achieve sustainable growth in the oil and gas industry.

Signing the agreement develops the history of cooperation between the parties, as prescribed by strategic cooperation agreement signed on June 21, 2013 in St. Petersburg.

The agreement was signed by Jeff Immelt, the Chairman and CEO of GE, and Igor Sechin, the President and Chairman of the Board of JSC "NK" Rosneft "in the presence of Russian Prime Minister Dmitry Medvedev.

Jeff Immelt , the Chairman and CEO of GE: « We see great future in the gradual development of the oil and gas sector in Russia , the largest in the world. We are pleased that this agreement fixes our strategic partnership with the company "Rosneft" . The document aims to develop Russian competencies and technologies that will increase productivity and contribute to the growth of the oil and gas sector in Russia . "

Created centers allow the leader of the world oil and gas production company "Rosneft" to maintain high production figures on land and develop faster pace of Russian Arctic shelf , using the most advanced and secure technologies . However, the agreement is part of an overall plan to invest up to GE in 2020 $ 1 billion in the Russian oil and gas sector .

By the end of the signing, Igor Sechin , the President, Chairman of OJSC " NK" Rosneft " , stated that" this project will allow NK "Rosneft" and GE to create a unique platform for the Russian R & D activities . A particularly important task is the localization of centers of equipment and technologies for the needs of "Rosneft" . Project approach to the activities of the Research Center will significantly increase the potential for co-financing of research and development , which is fundamental for the development of the Russian economy. In addition, the implementation of the agreement will create more jobs , and prepare everything for the needs of the Company and the Russian economy professionals of the highest level . "