On June 19, on the second day of the St. Petersburg International Economic Forum Rosseti and General Electric (NYSE: GE) concluded a strategic cooperation agreement. The document was signed by Rossetiís General Director Oleg Budargin and President and CEO of GE in Russia/CIS Ron Pollett.
Under the Agreement, the parties launch long-term and effective cooperation on production and supply of high-tech electrical equipment and components for the needs of the Russian power grid. The document also icludes the possibility of the cooperation in the development, production, testing, implementation, technical support and maintenance services of modern electrical equipment manufactured by GE.
In case the decision on the implementation of the principal directions of cooperation is made, GE plans to produce and supply modern electrical equipment to be used during construction and modernisation of power facilities operated by Rossetiís affiliates.
GE will inform Rosseti about the development of new production facilities, new solutions in the manufacturing techniques, operation, maintenance and design features of the equipment, expansion of the portfolio of electrical equipment manufactured by GE as well as train managers and engineers of Rossetiís subsidiaries to work with supplied electrical equipment.
In its turn, Rosseti expressed its willingness to operate equipment manufactured by GE which meet the requirements of the Uniform Technological Policy. The Russian part will assist in certification and further trial operation of electrical products manufactured by GE. Rosseti is also ready to provide support in localization of high-tech equipment and components production in Russia under the GE license.
The companies also agreed to establish a coordination council involving the representatives of Rosseti and GE for the coordination and working out of joint decisions on mutually beneficial cooperation within the scope of joint working groups, as well as in the implementation of R&D programs of the Russian company.