MOSCOW, January 24. /TASS/. The transfer of Baker Hughes’ oilfield services business in Russia to local management was completed in November, an official with the Technologii OFS company told TASS.

"The transaction for the transfer of the Russian oilfield services business by Baker Hughes to local management was completed in November 2022. The transferred assets are combined under the Technologii OFS brand," the company said.

Last year, Baker Hughes announced the suspension of new investments in Russia. Later on, it announced an agreement to sell the oilfield services business to local management.

In November, President Vladimir Putin allowed the Nefteservisnye Technologii company (Oilfield Service Technologies) to acquire the Russian assets of Baker Hughes.

According to the Uniform State Register of Legal Entities, the founders of the Nefteservisnye Technologii are Natalia Aidarova, Alexander Monakhov and Alexey Anikeev, ex-top managers of Baker Hughes in Russia.

To date, the new structure includes oilfield equipment plants in Tyumen and Nizhnevartovsk, as well as production and service sites in Noyabrsk, Usinsk, Nefteyugansk, Lensk, Novy Urengoy, Nyagan and Sakhalin. In total, the Technologii OFS has production and service facilities in 11 regions of Russia, the company said.

Earlier, the Technologii OFS company announced that in 2023 they intend to increase investments in localizing technologies and production, giving priority in particular to high-tech drilling. The company is setting up its own R&D center and plans to expand its own production sites. As strategic regions it considers the Yamal Nenets Autonomous District, Khanty-Mansi Autonomous District, Tyumen, Sakhalin and Astrakhan regions.