Russia's state-owned hi-tech conglomerate Russian Technologies signed an agreement with German engineering group Siemens on Wednesday to establish a joint venture to produce high-voltage transformers.
The venture will produce transformers with a voltage of 110-500 kV in Russia and seek to achieve the maximum local output of components and firm orders from Russian end-consumers.
The parties also expressed mutual interest in expanding cooperation in the output of medium-voltage switches in Russia and the supplies of substation automation equipment.
The parties also agreed on cooperation in using Russian rare earth metals to cover Siemens' needs, and on the production of equipment with the use of rare earth metals at the facilities of Russian Technologies.
STUTTGART, Germany, April 6 (RIA Novosti)
