Rosneft Reveals New Alliance with GE
Among a series of announcements Friday, Rosneft revealed a new alliance with General Electric (GE). Meanwhile, the Russian state-owned oil firm provided updates on its strategic alliances with ExxonMobil and Statoil.
Rosneft signed a strategic cooperation agreement with GE that will see GE technologies and equipment used in Rosneft upstream and downstream assets. The firm added that it will also provide for a series of joint ventures to develop, manufacture and sell new cutting-edge technologies and equipment in Russia for use in the oil and gas industry.
Rosneft Chairman Igor Sechin commented in a company statement:
"Efficient and environmentally safe growth of oil and gas production is only possible provided that the latest technologies are used in the industry. We are convinced that the initiatives we intend to develop jointly with GE as part of our Strategic Cooperation agreement will contribute to the most efficient development of Rosneft fields both onshore and offshore with the use of the latest state-of-the-art technologies, including those localized in Russia."
Rosneft reported that its strategic cooperation agreement with Exxon has moved forward with the completion of the joint venture framework for the two firms' Kara Sea and Black Sea projects and the finalizing of agreements on seven Arctic license areas in the Chukchi, Laptev and Kara seas. Rosneft and Exxon have also established the foundation for a joint venture to implement their West Siberia tight oil pilot project, while they are moving to the next study phase for their liquefied natural gas (LNG) project in the Russian Far East.
"Our cooperation touches upon the most promising aspects of today's oil and gas industry: Arctic shelf and deep water areas in the Black Sea covering a total area of 298,456 square miles (773,000 square kilometers), tight oil in West Siberia as well as a promising LNG project in the Russian Far East," Sechin said.
"We are convinced that implementation of all these projects will benefit both companies' shareholders. We believe it will also boost the development of the Russian oil and gas industry and will have a multiplying effect on related industries, already creating market demand for equipment, knowledge and technologies."
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