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GE, Russia’s Sakhalin Agree to Develop Wind, Gas Power Projects

March 5 (Bloomberg) -- General Electric Co. and the Sakhalin authorities agreed to develop power projects including gas turbines, coal gasification and wind energy as Russia’s largest island seeks to meet future demand.

GE, the maker of jet engines, locomotives and wind turbines, will develop projects on the island off Russia’s east coast with local power companies using GE equipment, the Fairfield, Connecticut-based company said today in a statement.

“A reliable local supply of electricity is critical to the future economic growth of this region and to the quality of life of our citizens,” Sergey Hotochkin, Sakhalin’s deputy prime minister, said in the statement.

As part of the accord, GE and Sakhalin’s provincial government will develop the 60-megawatt Nogliki project using two so-called aeroderivative gas turbines, or turbines derived from jet engines, according to GE. The company also won a 16-year service contract extension worth $333 million for the Sakhalin-2 oil and gas project, according to a separate statement released today.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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