Under the terms of the MOU, GE and Rosneft will form a joint working group to identify the range of potential opportunities for short and long–term opportunities, including equipment for Arctic offshore field development, gas monetization technologies and enhanced oil recovery and difficult reserve development. The MOU was signed by John Krenicki, GE vice chairman and president and CEO of GE Energy; and Igor Sechin, president of Rosneft. The agreement calls for a strategic, cooperative relationship that would (1) leverage GE Oil & Gas technologies to help Rosneft improve efficiency and yields in its oil and gas exploration and recovery operations, and (2) explore opportunities to jointly develop, manufacture and sell equipment for use in Russia’s oil and gas industry.