Gazprom and Siemens discuss prospects of creating joint venture in Russia
A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Joe Kaeser, Chief Executive Officer of Siemens, took place June 7 at the St. Petersburg International Economic Forum 2019, Gazprom said in a press release.
The meeting participants discussed the current issues and prospects of their cooperation, including the joint efforts aimed at organizing the manufacture of innovative electrical equipment of Siemens in Russia so as to serve the needs of Gazprom's generating facilities.
In this connection, the parties reviewed the implementation of the Agreement of Strategic Cooperation signed by Gazprom Energoholding and Siemens in May 2018 and the Memorandum of Intent signed in March 2019. It was noted that the working group that was formed under said documents is now preparing the design documentation to create a joint venture in Russia with the aim of producing vacuum generator switches and their components.
Background
The St. Petersburg International Economic Forum 2019 is being held at the EXPOFORUM Convention and Exhibition Centre from June 6 to 8. This year's key topic is Creating a Sustainable Development Agenda.
Siemens AG is a leading manufacturer of electronics and electric tools. The company entered the Russian market in 1853.
Gazprom Energoholding, a vertically integrated holding company (a wholly-owned subsidiary of Gazprom), manages the production companies of the Gazprom Group in the power generation sector.
Cooperation between Gazprom and Siemens began in 1993 and is moving forward in the following areas: automation, telemechanics, power generation, compressor station equipment, oil and gas field development technologies, energy saving, and environmental protection.
