October 02, 2013 at 13:08 PM EDT
GE Secures First Arctic LNG Project In Russia
General Electric (GE) secured a $600 million contract to provide equipment for a liquefied natural gas development in Russia, GE's first LNG project in the Arctic. The plant in the Yamal Peninsula in northern Siberia is expected to help supply energy to fast-growing Asia and comes as Europe tries to reduce its dependence on Russian gas. The gas liquefaction facility is seen having a production capacity of 16.5 million tons per year. GE will supply
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