The agreements have been signed with its Russian strategic partners at the 17th GE Oil & Gas Annual Meeting in Florence.
In order to meet global manufacturing needs, GE will work with Russian businesses to create up to $1bn in sourcing opportunities by 2020.
In particular, GE and Rosneft, an integrated oil company majority owned by the Russian Government, announced a long-term cooperation program, expanding the scope of the two firms’ 2013 strategic partnership.
The deal is intended to jointly develop local expertise and advanced solutions, including in marine propulsion and oilfield equipment manufacturing.
Under the terms of the agreement, the partners will work on construction plan of joint ventures for production of marine, oil and gas, and electrical equipment in order to ensure timely construction and commissioning of production facilities.
Besides continuing their cooperation in developing ship-building projects of the Zvezda Shipbuilding Complex in Vladivostok, Rosneft and GE will proceed with launching wellhead equipment and flowing wellhead equipment manufacturing, in the area of hydrocarbon production technologies.
The team will also cooperate on a project, among others, for remote monitoring and control of equipment at the assets of Ryazan Oil Refining Company.
Additionally, GE, Rosneft, and Transmashholding signed a letter of intent for the local production of GE V250 marine diesel engines by the GE-Transmashholding Joint venture in Penza, Russia. The first unit is planned to be delivered to Rosneft in early 2018.
GE chairman and CEO Jeff Immelt said: "This is a great example of GE working with leading Russian companies to tackle some of the region’s most technically intensive projects."
