GE, Rosneft Team Up For Efficiency, Equipment Projects

Law360, New York (July 2, 2012, 7:51 PM EDT) -- General Electric Co. and government-controlled Russian petroleum giant Rosneft OAO inked a deal Monday to boost efficiency and yields at Rosneft's own operations and look into jointly developing, manufacturing and selling equipment for use in Russia’s oil and gas industry.

Under a memorandum of understanding whose value was not disclosed, GE's Italy-based oil and gas unit and Rosneft will aim to design equipment for Arctic offshore field development, gas monetization technologies and enhanced oil recovery and difficult reserve development.

“The [memorandum] underscores GE’s interest in discussing,...
To view the full article, register now.