(Adds detail, background)
MOSCOW, Dec 26 (Reuters) – Russian power equipment manufacturer Power Machines said on Monday it had completed assembly and testing of its first domestically made high-power gas turbine, aiming to replace imported energy equipment unavailable due to sanctions.
According to a statement, Power Machines plans to be able to produce eight 170-megawatt turbines a year by 2025 and raise annual capacity to 12 turbines in the future, as well as to ensure maintenance of gas turbines, including imported ones.
The first clients will be Russian oil company Tatneft , state energy holding InterRAO and power company Rushydro, the statement said.
Russia has for years been trying to start production of its own medium and large capacity gas turbines for power plants. But it has accelerated the process as importing and maintaining equipment in Russia has became much harder since Moscow sent tens of thousands of troops into Ukraine on Feb. 24, and the West responded with unprecedented sanctions.
Siemens Energy, General Electric, and Alstom, whose turbines were used to built modern gas power plants in Russia, are either withdrawing from the Russian market or have already suspended operations.
In addition to Power Machines, Russian state firm United Engine Corporation has said it plans to manufacture two high-power turbines a year by 2023 and four by 2025.
"The powerful turbine, which was assembled and tested at our test facility, is living proof that we are on the right track and that our goal will be achieved: Russia will have its own gas turbines, will have its own technology with full localisation," Alexander Konyukhov, head of Power Machines, was quoted as saying in the statement. (Reporting by Gleb Stolyarov and Anastasiya Lyrchikova, editing by Mark Heinrich)
Related Quotes
Our time-tested methodologies were at work to help investors navigate the market well last week. Here are some of our key performance data from the past three months.
Investors need to pay close attention to Baker Hughes (BKR) stock based on the movements in the options market lately.
Tuesday was miserable and here's why that might mean some poor action before the start of the new year.
Southwest Airlines, like so many American companies, spent money on dividends and stock buybacks instead of technology and infrastructure.
Putin has tried using energy as a weapon against the West this year, but he risks going too far.
China’s re-opening may take a bite out of the country’s all-important auto sector. The South China Morning Post (SCMP) reports that a flare-up in Covid-19 cases will hit China’s EV industry, resulting in a loss of 600,000 in EV sales in the first quarter of next year. Citing data from the partially owned China International Capital Corporation (CICC), the report finds that the flare up in cases will create disrupted production, and reduced demand.
Bitcoin and Ethereum extended gains on Tuesday afternoon in Asia along with almost all other non-stablecoin top 10 cryptocurrencies by market capitalization. XRP was the biggest winner, rising nearly 4.8% in the last 24 hours.
Consumers probably will pay less for gas in 2023, projects fuel-savings app GasBuddy. Prices are expected to average $3.49, down from $4 in 2022.
(Bloomberg) — Panamanian officials and the operator of a giant copper mine are back at the negotiating table after a hiatus of more than a week, with both sides saying they’re keen to reach a deal on tax payments and avoid a shutdown of the facility.Most Read from BloombergMilan Reports 50% of Passengers on China Flights Have CovidSouthwest Air Memos Showed Growing Alarm on Eve of Epic Winter StormRussia Says Ukraine Must Surrender Even as Putin’s Army RetreatsSouth Korea Sends Drones to Kim Jo
Dividend Aristocrats, companies that have increased their dividend payouts for at least 25 consecutive years, are popular targets among income investors. However, a step above is the elite Dividend Kings group.
iShares U.S. Oil Equipment & Services ETF (IEZ) topped the list of the best-performing U.S. equity ETFs in the fourth quarter, gaining 50.7%.
GasBuddy doesn't see a repeat of the record above $5 per gallon of gas paid during 2022's wild swings for the energy markets, but prices won't stay this low.
(Bloomberg) — A record production decline in the largest US natural gas basin came just as extreme cold sent demand booming for the commodity used to heat homes and fuel power plants, exacerbating the winter storm crisis that left millions in the dark. Most Read from BloombergMilan Reports 50% of Passengers on China Flights Have CovidSouthwest Air Memos Showed Growing Alarm on Eve of Epic Winter StormRussia Says Ukraine Must Surrender Even as Putin’s Army RetreatsSouth Korea Sends Drones to Kim
BOIL and KOLD may be for those investors who don’t get cold feet.
As 2022 comes to a close, there have been subtle shifts in ranking the world's richest people. In December 2022, Tesla and Twitter CEO Elon Musk ceded his title as the richest person in the world to…
Three-year revenue growth rates between 39% and 54% are projected, making these stocks prime multibagger candidates.
(Bloomberg) — Germany’s government is confident that a key refinery that provides Berlin and swaths of the eastern part of the country with fuel is well positioned to keep running even as the nation is set to begin its ban on Russian oil in the coming days. Most Read from BloombergSouthwest Air Memos Showed Growing Alarm on Eve of Epic Winter StormSouth Korea Sends Drones to Kim Jong Un’s Airspace in Unprecedented MoveRussia Says Ukraine Must Surrender Even as Putin’s Army RetreatsAlameda Lent
In this article, we will be taking a look at the 15 largest healthcare companies by market cap. To skip our detailed analysis, you can go directly to see 5 largest healthcare companies by market cap. Competition should always be encouraged in the business world. After all, competition breeds innovation and innovation results in better […]
Zane Fracek and Connor Allen consider the bull and bear cases for Spotify (NYSE: SPOT). The opportunity is huge for this company, but it all comes down to execution. If you are interested in this stock, check out this video and let us know your thoughts in the comments.
Argentina's booming shale production in Vaca Muerta, a formation that rivals the United States' Permian Basin, is at risk of running out of road as infrastructure to handle the oil and gas nears capacity, threatening to put the brakes on rapid growth. The government is now racing to build out infrastructure: a major new gas pipeline is set to come online mid next year and there are plans for new export terminals near Buenos Aires. The government is also working on a liquefied natural gas (LNG) law to send to Congress hoping to stimulate investment.
Menu