twitter Facebook linkedin acp RSS Feed

Norwegian giant Statoil and Germany's Siemens have sealed a wide-ranging technology development co-operation deal.


The partnership will initially cover subsea technology, wind power, electrical engineering technology and energy efficiency, Statoil said in a statement.It added that the project's costs will be split 50/50, but declined to provide a cost estimate.However, this year Statoil will spend about Nkr2.2 bn ($367mn) on technology research and development, about half of which is spent externally.Last year, Siemens spent roughly Nkr31.5 bn on research and development.