Gazprombank and General Electric to launch a venture capital fund

Gazprombank and General Electric to launch a venture capital fundGazprombank signed an agreement with General Electric within the St. Petersburg Economic Forum providing for the establishment of a joint venture fund of several hundred million dollars to invest in innovation.

The Fund will invest in innovations in the oil and gas industry.

The parties have signed a total of three agreements, one of which involves the use of GE turbines for LNG plants by energy and gas companies. This is a long-term agreement.

The third agreement provides for a joint work on a partially localized production of non-oil products.