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Italy’s Economic Diplomacy – 20 June: latest news from the world

GE Oil & Gas and Novatek sign a strategic cooperation agreement

GE Oil & Gas-Nuovo Pignone and Novatek signed a strategic cooperation agreement to develop the oil and gas sector in Russia. Priority will be given to cooperating in locating in Russia the companies manufacturing some of the products and services needed by the liquefied natural gas plants operated by Novatek. The two companies also signed a 25-year service contract for the provision of preventive maintenance services to the Yamal LNG plant in north Siberia. GE Oil & Gas will be in charge of operating the plant’s machinery in extreme climatic conditions. GE Oil & Gas will use its own ground-breaking data analysis instruments in addition to its engineering expertise and skills.

These new agreements are based on a long-term partnership between the two companies and follow up on the 2013 agreement for the supply of production line turbomachinery by GE Oil & Gas to the Yamal LNG plant. The principal machines were manufactured and tested in the facilities of Nuovo Pignone, an Italian company of the GE Oil & Gas group, employing over 5,300 workers and the global headquarters of Turbomachinery Business Solutions, the group’s most important business sector.   

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