GE, Rosneft Sign MOU to Jointly Pursue Opportunities in Russia’s Oil and Gas Industry

MOSCOW--(BUSINESS WIRE)--

GE (GE) and OJSC Rosneft, a leader in Russia’s petroleum industry, today signed a memorandum of understanding (MOU) that lays the foundation for the two companies to jointly evaluate and develop commercial opportunities in oil and gas exploration and production in the Russian Federation.

The MOU was signed by John Krenicki, GE vice chairman and president and CEO of GE Energy; and Igor Sechin, president of Rosneft. The agreement calls for a strategic, cooperative relationship that would (1) leverage GE Oil & Gas technologies to help Rosneft improve efficiency and yields in its oil and gas exploration and recovery operations, and (2) explore opportunities to jointly develop, manufacture and sell equipment for use in Russia’s oil and gas industry.

“The MOU underscores GE’s interest in discussing, jointly with the Russian government and Russian oil and gas companies, the technology needs of the Russian oil and gas industry today and in the future, identifying key areas of cooperation to create value for the Russian Federation and GE,” said Krenicki. “GE Oil & Gas has developed a comprehensive portfolio that we believe can meet the challenges of the unique Russian oil and gas environment.”

Under the terms of the MOU, GE and Rosneft will form a joint working group to identify the range of potential opportunities for short and long–term opportunities, including equipment for Arctic offshore field development, gas monetization technologies and enhanced oil recovery and difficult reserve development.

GE Oil & Gas has developed technology for increasing gas monetization and recovery efficiency as well as developing fields in the most extreme conditions. GE Oil & Gas has a history of partnering with major oil and gas companies to provide package solutions throughout the oil and gas reservoir life cycle.

GE is committed to investing in local leadership, capability, coverage and the supply chain to serve global customers better and faster. Partnering with local resources had led to technology transfer and local companies becoming worldwide GE suppliers. GE’s localization success stories include ventures in Russia’s gas turbine mechanical drive and power sectors, as well as endeavors in China, Brazil, India, Latin America and the Middle East.

GE Oil & Gas, headquartered in Florence, Italy, employs 33,000 people and has operations in approximately 130 countries worldwide, generating more than $14 billion of annual revenue. GE sells advanced technology equipment and services for all segments of the offshore and onshore oil and gas industry, from subsea, drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals.

About GE

GE (GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and 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.

GE Energy works connecting people and ideas everywhere to create advanced technologies for powering a cleaner, more productive world. With more than 100,000 employees in over 100 countries, our diverse portfolio of product and service solutions and deep industry expertise help our customers solve their challenges locally. We serve the energy sector with technologies in such areas as natural gas, oil, coal and nuclear energy; wind, solar, biogas and water processing; energy management; and grid modernization. We also offer integrated solutions to serve energy- and water-intensive industries such as mining, metals, marine, petrochemical, food & beverage and unconventional fuels.

Follow GE Energy on Twitter @GE_Energy.

About Rosneft

Rosneft is the leader of Russia’s petroleum industry, and ranks among the world’s top publicly traded oil and gas companies. The Company is primarily engaged in exploration and production of hydrocarbons, production of petroleum products and petrochemicals, and marketing of outputs. Rosneft has been included in the Russian Government’s List of Strategic Enterprises and Organizations. The state holds 75.16% in the Company (through OJSC ROSNEFTEGAZ), while approximately 15% of shares are in free-float (see shareholder structure). Rosneft is widely engaged in exploration and production across all key hydrocarbon regions of Russia: Western Siberia, Southern and Central Russia, Timan-Pechora, Eastern Siberia and the Far East. In addition, the Company participates in several exploration projects in Kazakhstan and Algeria.

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Federal and Corporate Buyers to Jointly Help Small Business Sellers - TMCnet

SANTA CLARA, Calif. --(Business Wire)--

100 procurement officials representing dozens of federal and state agencies along with buyers from major corporations will join forces in the Silicon Valley to provide selling opportunities for 600 small businesses. Most of the entrepreneurs, who provide products and services ranging from office supplies to software and engineering to janitorial, are from women, minority or disabled veteran owned firms.

The February 23 program, with 1,500 face-to-face meetings, is produced by Business Matchmaking, Inc., a not-for-profit group that has emerged, after 8 years of successful events, as the nation's most effective public-private small business initiative according to the former SBA Administrator who helped launch it. "Business Matchmaking has been outstanding and helped tens of thousands of small businesses pursue opportunities that would not have otherwise been available. It has been the SBA's most successful public-private project," said Hector Barreto, who was the second longest serving Administrator in SBA's history.

Senior procurement officials in the private sector at Fortune 500 companies agree. Brian Tippens, Hewlett-Packard's (News - Alert) lead insupplier diversity and one of the nation's most respected experts in that field, said, "Business Matchmaking has consistently brought together qualified and reliable small business owners with our procurement team. The results have been outstanding and enabled us to provide contracts to a growing number of women, minority and disabled veteran owned firms."

In addition to a national tour of procurement events following the Silicon Valley session, Business Matchmaking has been selected by the US government's Office of Small and Disadvantaged Business Utilization (OSDBU) council, the National Center for American Indian Enterprise conference, the GSA (News - Alert) and the Disabled Veterans Business Alliance to produce customized matchmaking programs for members of those groups.

To date some 80,000 one-on-one meetings have been arranged at Business Matchmaking events with billions of dollars in contracts granted to small firms in every industry. The events are free for small business, thanks to sponsorship by HP, the original private sector SBA partner, which has now been joined by Symantec (News - Alert), Dun & Bradstreet, Lockheed Martin and Greatland. HP also provides tech centers and on site experts in addition to a delegation of buyers.

In light of FBI Director Robert Mueller's recent congressional warning about cyber attacks and the growing number of digital corporate thefts of smaller companies, Business Matchmaking is adding an advanced security section to its program presented by Symantec.

At the upcoming event, Dun & Bradstreet (News - Alert), which provides corporate America and the federal government with credit reporting and related services, will introduce a small business package of credit reports that enables growing firms to benefit from what has traditionally been primarily available to large corporations as well as small business website opportunities.

Following the Feb. 23 event at the Santa Clara, California Convention Center, Business Matchmaking will host comparable events in Irvine, California; Chicago; Houston; Miami; Washington DC; Los Angeles; Philadelphia; Seattle; San Diego; Las Vegas; Nashville; New Orleans; and Phoenix.

For more information or to register for these free events, go to businessmatchmaking.com.

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