Russian-Chinese oil service JV, Caterpillar sign partnership agreement
Izhdrill-Nordex-HunHua, a Russian-Chinese joint venture to produce drilling equipment, signed a partnership agreement on Tuesday with Caterpillar.
The agreement envisions cooperation in producing drilling equipment for the oil and gas sector in Russia and the CIS. The drilling equipment will be assembled from components from China, the United States, and Europe in Izhevsk at the technical base of Izhdrill-
Nordex-HunHua. Caterpillar will supply power machines and generation equipment to Izhevsk.
More than 50 kinds of drilling equipment will be designed and assembled a year. Izhdrill-Nordex-HunHua was established by three companies: Russia’s Izhdrill, the North Expedition holding, and China’s HunHua. All three companies have developed oil and gas field in many countries for more than ten years.
