(MENAFN- Saudi Press Agency) General Electric Company (GE) said Monday it signed a Memorandum of Understanding with Russian oil company OJSC Rosneft that could lead to joint appraisal and development of oil and natural-gas fields in Russia.
Financial terms were not disclosed.
GE technology would be made available to the state-owned company, which is seeking to increase its oil and natural-gas exploration and recovery efficiency and yields.
The two companies also want to produce and sell equipment for use by energy industry, GE said.
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