Support The Moscow Times!

Siemens in Turbine Venture

FRANKFURT — Siemens will set up a gas turbine joint venture with Power Machines to strengthen its position in Russia's power generation industry, the engineering conglomerate said Monday.

As part of the deal Siemens will give its stake of 25 percent plus one share in Power Machines to Highstat, controlled by Alexei Mordashov.

Siemens said it would control 65 percent of the new venture, which will be involved in engineering, manufacturing and servicing gas turbines in Russia and other CIS countries. Power Machines will hold the rest. No financial details were disclosed.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.