Siemens pegs hiking localization of turbine production to 90% at tens of millions of euros

2018-07-13 09:30:14

By raising the local manufacturing content for turbines in Russia to 90%, Siemens will be able to participate in the country’s new program to modernize generating capacity YEKATERINBURG, July 11. /TASS/. Germany’s Siemens estimates investments into boosting the local manufacturing content for mid and high capacity gas turbines from the current 60% to 90% at tens of millions of euros, President of Siemens Russia and Central Asia Dietrich Moeller said in an interview with TASS. "I stated that we’ve already reached a localization level of around 60%, which is already a big step and a major investment. But 30% still remains, and it is possible to reach that 30% through (our) own investments worth tens of millions of euros," he said. By raising the local manufacturing content for turbines in Russia to 90%, Siemens will be able to participate in the country’s new program to modernize generating capacity, which will succeed the capacity supply agreement program that had expired last year.