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Russia, USA to set up joint venture to produce gas turbines.
ITAR-TASS DATASS 30.11.2006 21:34
RUSSIA-USA 30/11 Tass By Yevgeny Nikitin
RYBINSK (Yaroslavl region), November 30 (Itar-Tass) - The Russian Saturn Scientific-production association and the American General Electric International have agreed to set up a joint venture for the production of industrial gas turbines in Russia.
The general director of Saturn, Yuri Lastochkin, and the president of General Electric International, Ferdinando Beccalli, announced it at a joint briefing on Thursday. The sides have agreed on the main issues concerning the future joint venture. In particular, it will be set up in Russia, although the concrete location is still under discussion.
The production of gas turbines will be made on a license, which the joint venture will receive from the U.S. corporation. The capacity of gas turbines will be within the range of 40 to 150 megawatt.
The sides say the parameters of the future joint venture will be coordinated within the next 100 days.
This is the kind of partnership we value and see prospects in, Ferdinando Beccalli said, adding that Saturn is also in safe hands.
The amount of investments in the joint venture has not been fixed as of yet. It will be the matter of future negotiations. Lastochkin, for his part, stressed that the company will be producing high-tech and cost-efficient turbines, which have not been produced in Russia up till now.
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