MOSCOW---June 21, 2013--- GE (NYSE: GE) and Gazprombank today signed a memorandum on strategic cooperation aimed at developing the Russian oil and gas sector. The memorandum was signed at the St. Petersburg International Economic Forum by Ron Pollett, president and CEO, GE in Russia and CIS, and Andrey Akimov, chairman of the Management Board, Gazprombank, in the presence of Jeff Immelt, GE chairman and CEO.
The cooperation agreement defines key areas of collaboration in oil and gas and other energy projects in Russia. They include the joint development of a 16-megawatt (MW) gas turbine to be used by the gas network and in power generation facilities in Russia; the implementation of projects for liquefaction technologies, LNG use and transportation (including fuel quality enhancement technologies); the reconstruction of standard 200 to 300-MW steam-power units and the production and leasing of electric motors for oil drilling.
The parties also signed documents related to the practical implementation of the memorandum--- the establishment of a joint investment pool to implement advanced technology projects; joint investments in Russia and CIS countries in strategic industries such as electric power, oil and gas, healthcare, transportation and other innovative high-technology sectors.
Under the memorandum, the parties also have agreed to finance innovation and research projects for the sustainable development of the oil industry.
Ron Pollett, president and CEO GE in Russia and CIS: "This expanded collaboration with Gazprombank will further enable us to provide localized technology that is innovative and efficient contributing directly towards the growth of the oil and gas industry---a key economic sector for Russia".
Andrey Akimov, Chairman of the Management Board, Gazprombank: "It is important that this collaboration gives an opportunity for the strategically important Russian industrial enterprises to master the most advanced technologies to produce state-of-art equipment. Our partnership shows a very efficient way to maintain growth of the innovative engineering companies of Gazprombank and to support key sectors of the national economy with new technology solutions."
GE and Gazprombank have a successful history of cooperation in oil and gas technology innovation. Since 2009, the parties have successfully implemented a project for the localization of gas turbine technology under GE license, designed for natural gas transmission through main gas pipelines. The project is carried out by REP Holding, one of the Gazprombank Group's industrial companies.
About GE
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and the home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com
About GE in Russia
GE has been operating in Russia since the early 20th century, when the company took part in the GOELRO plan, and supplied first diesel locomotives and oil and gas equipment for the country. Today, all GE businesses operating in such sectors as public health, transport, aviation, electrical power engineering, oil and gas, water treatment, lighting engineering and finance and media are present in Russia. GE headquarters in Russia are in Moscow. The company comprises 3,400 employees and, in 2012, its sales amounted to over USD 2.5 billion. In Russia, the company has two training centers to train specialists in medicine and electrical power engineering. http://www.ge.com/ru
About Gazprombank
Gazprombank (Open Joint-Stock Company) is one of the largest universal financial institutions in Russia, offering a wide range of banking, financing and investment products and services to corporate and private clients, financial institutions and institutional and private investors. The Bank is one of the three largest banks of Russia by all principal indicators and is ranked third in the list of banks of Central and Eastern Europe in terms of the amount of equity. The Bank services key industries of the Russian economy -- gas, oil, nuclear, chemical and petrochemical, ferrous and non-ferrous metallurgy, power industry, machine building and metal working, transport, construction, communications, agriculture, trade, and other industries. Retail is also a strategically important area of the Bank's activities, and its scale is consistently increasing. Private clients are offered a full range of services: credit programs, deposits, settlement operations, electronic bank cards, etc. Gazprombank holds strong positions on the domestic and international financial markets, being one of Russia's leaders for the organization and underwriting of corporate bond issues, asset management, private banking, corporate financing and other areas of investment banking. Among Gazprom's clients are about 3 million individual customers and some 45 thousand corporate customers. The Bank's extensive regional network comprises 43 branches and three subsidiary and associated Russian banks. Gazprombank has a share in the capital of three foreign banks -- Belgazprombank (Belarus), Areximbank (Armenia), and Gazprombank (Switzerland) Ltd., Zurich (Switzerland). GPB (OJSC) also has representative offices in Beijing (China), Ulan-Bator (Mongolia) and New-Delhi (India). Gazprom is a member of the Russian National Committee of the International Chamber of Commerce.
Howard Masto
Masto Public Relations
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Kate Culman
Masto Public Relations
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