Siemens, Russia sign multi-billion euro wind, rail deals

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German engineering giant Siemens on Thursday signed deals worth several billion euros envisaging the supply of regional trains and wind turbines to Russia, the company said.

Siemens chief executive Peter Loescher signed the memorandums of understanding in the Russian city of Yekaterinburg on the sidelines of a summit meeting between German Chancellor Angela Merkel and Russian President Dmitry Medvedev.

Under the agreements, Siemens is to modernise 22 Russian railway switching yards by 2026 and supply Russian Railways (RZD) with 240 regional trains over the next ten years, it said in a statement.

Siemens is also to install wind turbines with a total capacity of up to 1,250 megawatts in Russia by 2015, it added.

The deals have a total value of several billion euros (dollars), Siemens said, without giving further financial details.

German government sources have reportedly said the railway deal alone is worth 2.2-billion-euro (2.8-billion-dollar).

© 2010 AFP

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