General Electric (GE) and Russia’s rail equipment producer Transmashholding (TMH) have entered into a strategic business plan to form a diesel engine manufacturing joint venture (JV) at Penza, Russia.

The project would address the locomotive needs of Russian Railways and supply engines for maritime and distributed power applications.

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"Transmashholding has high expectations for the future of this joint project with GE to develop and produce state-of-the-art diesel engines."

Subject to final regulatory approval, the 50-50 joint venture would invest more than $70m in equipment and training to establish a plant that would produce GEVO diesel engines of between 2,900kW and 4,700kW.

The new GEVO engines will incorporate advanced GE technologies to lower lifecycle operating costs, while increasing efficiency, reliability, ease of maintenance, and time between overhauls.

The new facility is expected to have an initial production of approximately 250 engines a year, with the potential to expand the JV’s production capacity and product portfolio according to future market demand.

Transmashholding president Andrey Bokarev said: "Transmashholding has high expectations for the future of this joint project with GE to develop and produce state-of-the-art diesel engines.

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"It will significantly expand our expertise and the range of products we offer to the market. In combination with our existing solutions, we will be able to offer engines to our customers that precisely meet their needs.

"It’s particularly noteworthy that the new venture will produce engines not only for the Russian market, but also for export."

According to GE, the new agreements with its strategic partners in Russia will accelerate its commitment to invest $1bn in the Russian oil and gas, power, and transportation industries by 2020.