GE reaffirmed its commitment to the company’s growth plans in Russia by announcing a USD1 billion sourcing program and signing a series of agreements with its Russian strategic partners at the 17th GE Oil & Gas Annual Meeting in Florence. The new initiatives are aimed at accelerating GE’s localization of advanced technology solutions across the oil & gas, power, and transportation industries, as well as driving demand for local suppliers.
GE announced it will work with Russian businesses to develop up to USD1 billion in sourcing opportunities by 2020 to better meet its global manufacturing needs by capitalizing on the increased competitiveness of Russian fabrication, forging, and casting. The company is currently working on several key infrastructure projects with Russian producers that meet GE quality and safety standards.
“We continue to see long-term development opportunities in Russia, including in sourcing from Russian manufacturers for our global businesses. We are also pleased to be strengthening our partnerships with Rosneft and Transmashholding. This is a great example of GE working with leading Russian companies to tackle some of the region’s most technically intensive projects,” Jeff Immelt, GE Chairman and CEO, stated. Expanding the scope of their 2013 strategic partnership, GE and Rosneft, Russia’s largest oil company, announced a long-term cooperation program to jointly develop local expertise and advanced solutions, including in marine propulsion and oilfield equipment manufacturing.