Exec: Siemens Energy in talks to set up new turbine JV in Russia

MOSCOW, Dec 2 (PRIME) -- Siemens Energy is in negotiations to establish a joint venture to produce gas turbines in Russia, President Oleg Titov told PRIME on Wednesday.

"There is the market and we will not leave it. We are developing for this purpose and are negotiating with various companies both the development of Siemens Gas Turbine Technologies and establishment of (other) joint ventures…" Titov said.

Siemens Gas Turbine Technologies is a joint venture between Siemens and Power Machines. But Power Machines plans to sell its stake to Siemens.

Titov declined to name possible new investors in Siemens Gas Turbine Technologies. "Yes, in Siemens Gas Turbine Technologies. It is 5–7% (stake) but they would like to get it because they believe that the company can work and develop," the official said.

The official confirmed having negotiated with Gazprom Energoholding on the sale of a stake in the joint venture.

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