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2014-10-02 19:45:00

GE WILL WORKING IN RUSSIA

GE WILL WORKING IN RUSSIA

U.S. energy company GE will continue working in Sakhalin despite Western sanctions on Russia, the company's vice chairman John Rice told Interfax Monday.

"There could be some constraints on the company's work because of sanctions" said a representative, "but on the whole GE intends to fulfill its promises."

GE's contract with state-funded Sakhalin Energy, worth $333 million in 2013, includes the creation of new gas turbines, coal mining in the north of the island, and modernization of Sakhalin's energy facilities. The contract was extended 16 years last year, Interfax reported.

GE will also continue working with Gazprom and Rosneft, which the U.S. sanctioned earlier this month in connection with its allegation that the Kremlin militarily supports pro-Russian separatists in eastern Ukraine.

oilandgaseurasia.com

Tags: RUSSIA, U.S., SANCTIONS, GE, GAZPROM, ROSNEFT
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