Rostec State Corporation and French Technip company signed a Memorandum of Understanding on 2 joint ventures establishment. One of them will localize the Russian production of high-tech equipment for oil and gas industry, including the offshore oil extraction in the arctic zone and the Black sea aquatorium. The other JV will be an engineering centre for design and construction of highly technical oil-refining, petrochemical and gas-chemical objects.

According to Sergey Chemezov, CEO of the Rostec, this agreement will allow to organize the production of high-tech oil and gas equipment in both Rostec and other companies’ ventures. Using the Rostec defense enterprises’ technologies in oil and gas industry will diversify the activity and create additional employment.

Rostec’s RT-CCTM and Rustechexport will participate in the cooperation with Technip on the Russian side. The RT-CCTM and Technip JV is to produce oil and gas equipment including the Technip composite coil-tubing units. The CT-units provide oil and gas extraction at a depth down to 3,000 m (9,850 ft) and high pipeline lay rate. The composites R&D centre is also expected within the venture.

The other JV to be established by Technip and Rustechexport will be an engineering centre for design and turn-key construction of oil-refining, petrochemical and gas-chemical objects, including the objects required for the offshore oilfield operations. "Russian Military-industrial complex has modern composite goods production technologies that are also demanded in the civil sector", said Sergey Sokol, CEO of RT-CCTM.