On May 25, 2018, director general of Gazprom Energoholding Denis Fyodorov and the chief financial officer of Siemens Alexander Liberov signed a strategic cooperation agreement. The agreement sets out the main directions and principles of cooperation in the field of technological upgrades of Gazprom Energoholding’s generating facilities with the use of Siemens-manufactured innovative electrical equipment. Specifically, one of the priority areas of joint work is the introduction of vacuum generator switches and high-tech components in the construction and upgrading of power units.

Siemens plans to set up its manufacturing facilities to make that equipment in Russia and bring the local content of its finished products to at least 50 percent by 2020, with an option for a phased increase to 75 percent by 2022.

Siemens AG is a leading manufacturer of electronics and electric tools. The company entered the Russian market in 1853. Gazprom and Siemens promote cooperation in the following areas: automation, telemechanics, power generation, compressor station equipment, oil and gas field development technologies, energy saving, and environmental protection.

Gazprom Energoholding, a vertically integrated holding company and a wholly-owned subsidiary of Gazprom, manages the production companies of the Gazprom Group in the power generation sector (Mosenergo, TGC-1, OGK-2, and MOEK) under unified corporate standards. The group generates about 1/6 of all electric power within Russia’s Unified Energy System and is the largest producer of thermal power in the world. In particular, the group supplies power and heat to Moscow, St. Petersburg, and a number of other economically developed regions of Russia.