GE to invest $1 billion in Russian oil and gas production

February 12, 2014

General Electric will sell oil and gas technologies to Rosneft and other local industry players, GE CEO Jeffrey Immelt has told Russian Prime Minister Dmitry Medvedev. GE is going to invest $1 billion in Russia’s oil and gas industry by 2020, which will include establishing a research centre and an engineering centre.

Rosneft CEO Igor Sechin visited GE’s facilities abroad in April 2013. This summer, GE is going to begin making gas turbine units in Russia’s Rybinsk town. GE has already signed a contract to deliver five turbines to Rosneft.

Copyright: ProNedra, 2014