Statoil, Siemens join hands on technology development

(ADPnews) - Dec 9, 2010 - Norwegian oil major Statoil (OSL:STL) and German engineering group Siemens AG (ETR:SIE) have signed a technology development cooperation agreement initially focused on wind power, subsea technology, electrical engineering and energy efficiency.

The companies will split in half the project costs, Statoil said.

In 2010, Statoil has spent NOK 2.2 billion (USD 364.7m/EUR 276m) on research and the latest cooperation is part of its strategy to work closely with its suppliers on technology development. The oil major has already signed such agreements with five other companies.

Siemens is Statoil's supplier within several areas.

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