General Electric Co. (GE) said it received a contract to provide nearly $600 million in turbomachinery equipment for a liquefied natural gas project in northern Siberia .

The JSC Yamal LNG project, which is being developed to ship gas by tanker to Asia and Europe, is a joint venture between French energy giant Total SA (TOT, FP.FR) and Russia's largest independent gas producer, Novatek (NVTK.RS, NVTK.LN).

General Electric is a leading technology supplier for Russia's oil and gas sector, though the JSC Yamal project will mark its first liquefied natural gas project in the Arctic region.

Under the contract, GE's oil and gas division will supply critical equipment for three production lines at a planned gas-liquefaction facility. The company expects to deliver equipment to Russia in the second half of 2015, with the first natural-gas liquefaction line expected to reach full capacity in 2017, followed by the second line in 2018 and the third line in 2019.

GE has been building up its oil and gas business through a string of acquisitions in recent years, including its $3.3 billion acquisition of Lufkin Industries Inc. The conglomerate has plowed resources into its energy business as it has sold off operations in chemicals, insurance and media. The company's oil and gas operations booked $15.2 billion in revenue last year, more than 10% of the conglomerate's total, and executives have made clear the company wants to expand in the industry.
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