General Electric (GE) and Rosneft have signed agreements to cooperate in hydrocarbon production technologies.

The latest announcement is part of GE’s plan to invest $1bn in Russia across oil and gas, power, and transportation by 2020.

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GE announced these initiatives in a bid to accelerate localisation of advanced technology solutions across these industries.

"We continue to see long-term development opportunities in Russia, including in sourcing from Russian manufacturers for our global businesses."

Under the agreement, Rosneft and GE will launch wellhead equipment, as well as manufacture flowing wellhead equipment.

The companies also plan to continue working on artificial lift technology together. GE has already started deliveries of electric submersible pumps (ESPs) to Rosneft and its subsidiaries for testing and evaluation purpose.

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GE and Rosneft will also explore development plans for a new facility in Murmansk, Russia, to locally assemble GE oil and gas equipment to support the production activities of Rosneft.

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GE and Itera, a subsidiary of Rosneft, plan to go ahead with the development of the first small-scale LNG plant based at Bratskekogaz company.

In addition, the companies will cooperate on a pilot project for remote monitoring and control of equipment to optimise operations at Rosneft’s Ryazan refinery in Russia.

GE Chairman and CEO Jeff Immelt said: "We continue to see long-term development opportunities in Russia, including in sourcing from Russian manufacturers for our global businesses."