Siemens Energy and ZAO Iskra-Avigaz have set up the new joint venture LLC Russian Turbo Machinery for the manufacturing of gas pipeline compressors in Perm, Russia.
The project provides investments for foundation of the “green field” manufacturing plant and a stepwise ramp-up of production capacity within the next three years. Siemens will hold 51% of the shares and Iskra-Avigaz the rest. The combined investment is EUR60 million.
“Russia is a strategic market for Siemens,” said Tom Blades, CEO of the Oil & Gas Division of Siemens Energy. “Looking back on a 150-year history of Siemens in Russia this project underlines our commitment to this important market. Together with our partner we will build up state-of-the-art manufacturing for our latest compressor technology in Perm. With our compressors we are targeting a mid-term market share of 30% in Russia. The agreement also encompasses the transfer of latest compressor technology.”