The European Commission (EC) has approved the creation of a joint venture by Rosneft and General Electric, the EC said in a press release.

"The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over a joint venture based in Russia by General Electric Company (GE) of the US and Rosneft Oil Company, through its subsidiary Sibintek LLC. The Commission concluded that the proposed acquisition would raise no competition concerns because the joint venture has negligible actual and foreseen activities within the European Economic Area," according to the press release.

Sibintek LCC and General Electric signed a shareholder agreement on the establishment of a joint venture in June 2017. The joint venture will focus on the development of industrial Internet of Things (IoT) in Russia, introduction of advanced digital solutions at Rosneft facilities and in Russian oil and gas industry.

GE is a global, diversified manufacturing, technology and services company active in a variety of sectors including, among others, oil & gas manufacturing, technology, services and digital solutions.

Rosneft is Russian state-owned oil company. It is active in the exploration, development, production and sale of crude oil and natural gas and the refining and marketing of petroleum products and petrochemicals.

Sibintek provides information technology (IT) solutions to Rosneft and other customers in Russia.

Source:
http://tass.com/economy/998326