OREANDA-NEWS. May 27, 2014. Rosneft and General Electric signed a Technology Cooperation Agreement at the 18th St. Petersburg International Economic Forum in furtherance of the initiative to set up a research and development center.

The Technology Cooperation Agreement provides for a mechanism whereby individual targeted R&D agreements will be signed. This lays the foundation for a project management approach to the research center’s activities and will enhance joint funding of research and design activities and broaden the scope of common research projects.

Rosneft and GE have already agreed the basic terms and conditions on which a Joint Advanced Research and Technology Center will be set up in Moscow. The Center will focus on advancing the technologies that the two companies already have and developing new joint technology that can be used within the partnership. In addition, the Center will be the venue for joint research projects.

‘Advanced technology development is an integral part of Rosneft’s activity. I am confident that our cooperation with GE in this area will help both companies to achieve a new level in Russian field development, said Igor Sechin, President and Chairman of the Management Board, Rosneft, upon signing the Agreement.

‘This Agreement is another step on our way to build effective oil and gas infrastructure in Russia together with our strategic partner Rosneft. R&D has become an important focus in the development of oil and gas sector and our joint technology cooperation plays a big role in helping the region to identify and implement the ideal solutions to address needs of the industry’, said Ron Pollett, President and CEO GE in Russia/CIS.