Siemens starts gas turbine joint venture in Russia

Siemens Gas Turbine Technology, a joint venture between German engineering giant Siemens and Russian firm Power Machines, confirmed the purchase of 3.8 hectares of land in Russia's Leningrad Oblast on Wednesday.
The land has been set aside for a 275 million dollar gas turbine plant which is expected to be operational by 2014.
The Governor of Leningrad Oblast, Aleksandr Drozdenko, has also announced tax breaks of around 1.5 billion rubles (49 million dollars) for the project, which is expected to create hundreds of new jobs in the Leningrad area.
CEO of the joint venture, Ralph Schneider, told journalists that the plan is to create a world-class centre for the manufacture and servicing of gas turbines near Russia's northern capital and gateway to Europe, St. Petersburg.

News source: equities.com