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Siemens has announced that it has further expanded its global gas turbine manufacturing network and launched a new joint venture in Russia named Siemens Gas Turbine Technologies. Siemens has a 65% stake in the joint venture and its Russian partner Power Machines holds the remaining shares. The joint venture plans to build a new production facility in Russia.
“We intend to invest approximately EUR 275 million in our gas turbine site in St. Petersburg and consequently will create 500 jobs in the region. Starting in 2014, advanced, high-efficiency gas turbines are to be produced there for the growth market in the Commonwealth of Independent States (CIS),” said Michael Suess, member of the Managing Board of Siemens AG and CEO of Siemens Energy.
The site will also feature research and development activities in addition to production, service, and sales and marketing. This commitment is part of the plans announced by Siemens to invest EUR 1 billion in Russia and thus create a total of 4000 jobs.