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19 October 2006 -- GE Energy and OJSC NPO Saturn, a manufacturer of machine building and jet engines in Russia, have announced their intent to invest and cooperate in a joint venture in the heavy duty gas turbine industry.

Initially, the two companies intend to produce GE heavy duty gas turbines in the 40-150 MW range in Russia, with the active participation of NPO Saturn. GE Energy also is considering a strategic investment in the industrial gas turbine division of NPO Saturn.

Jeffrey Immelt, GE's Chairman and CEO, and Yury Lastochkin, Saturn's General Director, have met to discuss the priorities of the long-term strategic partnership. According to Sergey Chuklinov, Deputy Director of NPO Saturn, the negotiations have opened the way for on-going cooperation between the two companies.

Upon completion of the agreement, GE gas turbine technology would be licensed to the joint venture and the venture would supply gas turbine products to customers in Russia.

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