GE, OJSC Sign Memorandum Of Understanding
GE and OJSC Rosneft, a company involved in Russia’s petroleum industry, signed a memorandum of understanding (MOU) to jointly evaluate and develop commercial opportunities in oil and gas exploration and production in Russia.
The MOU was signed by John Krenicki, GE vice chairman and president and CEO of GE Energy; and Igor Sechin, president of Rosneft. The agreement calls for a strategic, cooperative relationship that would leverage GE Oil & Gas technologies to help Rosneft improve efficiency and yields in its oil and gas exploration and recovery operations, and explore opportunities to jointly develop, manufacture and sell equipment for use in Russia’s oil and gas industry.
GE and Rosneft will form a joint working group to identify short and long-term opportunities, including equipment for Arctic offshore field development, gas monetization technologies and oil recovery and difficult reserve development.
For more information: www.ge.com