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PRESS: Ministry drops Siemens bid to localize gas turbines

MOSCOW, Aug 9 (PRIME) -- RussiaТs Industry and Trade Ministry did not approve a bid of Siemens Gas Turbines Technologies, a unit of GermanyТs Siemens, to sign a special investment contract to localize production of heavy-capacity gas turbines, business daily Vedomosti reported Friday citing a representative of the ministry.

The representative said that the application for the special investment contract was returned to the company for revision until the moment the government approves a list of modern technologies by which such contracts can be concluded.

Siemens Gas Turbines Technologies, in which Siemens has 65% and RussiaТs Power Machines of Alexei Mordashov has 35%, is the only producer of large turbines in Russia. The special investment contract would allow gas turbines produced by Siemens Gas Turbines Technologies to receive the status of Уmade in Russia,Ф while the company would get the status of a Russian producer. To get the statuses, the company would bring localization of SGT5-2000E turbines to 90% by mid-2023.

A spokesperson for Siemens said, УSo far we have not received an official response from the Industry and Trade Ministry on our application. At the moment, all previously announced plans remain in force.Ф

In late July, the Russian government limited the possibility of companies with over 50% of foreign ownership to receive a status of Russian for large gas turbines, the daily also said. Experts said Siemens will have to reduce its control in Siemens Gas Turbines Technologies if it wants to take part in the Russian power plant modernization program.

End

09.08.2019 09:59
 
 
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