The General Electric Company (GE) is one of the largest enterprises in the energy sector. Gazprombank, also a reputed brand, provides commercial banking services to both retail and institutional clients. Now these companies entered into a contract to initiate collaborative efforts for developing the oil and gas sector in Russia.
The contract signed by the two parties lays out the details as to key areas of collaboration in the oil and gas sector. It also provides for the launch of major energy projects, including the development of a 16 MW gas turbine for use in Russia’s gas-supply network. The same turbine can also be utilized at various power-generating units in the country. Other projects that may be started under the joint agreement envision the use of gas liquefaction and quality enhancement technologies and would be aimed at transporting and using LNG, reconstructing steam units so as to increase their power ratings, and producing electric motors for drilling.
GE and Gazprombank have already signed an agreement that provides for the practical implementation of all these plans and the creation of a joint investment resource so that other advanced and sophisticated projects can be launched. The parties plan to invest jointly in various industries, such as power, healthcare, oil and gas, transportation, and other sectors that use innovative and advanced technologies.
The president of GE Ron Pollett said that the agreement his company made with Gazprombank will not only lead to the development of successful projects, but will also allow GE to provide innovative and efficient technology at the local level, which would directly contribute to the progress of the oil and gas sector. Pollett believes that attaining good results at the local level is important because the hydrocarbons sector plays a key role in Russia’s economy.
The chairman of the managing board of Gazprombank Andrey Akimov also shared some comments on the agreement, saying that the collaborative efforts would pave the way for Russian industrial enterprises’ using cutting edge technologies in producing sophisticated and complex machines. Mr. Akimov also added that this partnership is a great opportunity to demonstrate that the growth of engineering companies can be maintained in this manner. The engineering field, in turn, provides support to other key sectors of Russia’s economy.
