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New Agreement Expands GEa?s Role in Saudi Oil & Gas Sector

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  Published in Business and Finance on Wednesday, May 26th 2010 at 7:01 GMT by Market Wire
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DAMMAM, Saudi Arabia--([ BUSINESS WIRE ])--GE (NYSE: GE) today signed a corporate procurement agreement (CPA) with Saudi Aramco, the national oil company of Saudi Arabia, which establishes a long-term framework for the supply of GE turbomachinery equipment and services to support the efficient production of oil and gas in the Kingdom.

Nassir Al-Yami, executive director of materials supply, Saudi Aramco said, aWe are delighted to have a solid framework of cooperation in place with GE Oil & Gas. Over the last 50 years, GE has played an important role in supporting the efficient production of oil and gas in the Kingdom. Ia™m confident that todaya™s agreement paves the way for even greater accomplishments in the coming years.a

John Krenicki, vice chairman of GE and president and CEO, GE Energy, said, aThis agreement reflects GEa™s commitment to long- term investment in Saudi Arabia and elevates our strong relationship with Saudi Aramco to an exciting new level. Moving beyond project-by-project oil and gas sector transactions will enable GE to support the optimized performance of Saudi Aramcoa™s installed turbomachinery fleet. Through the new framework agreement, GE will provide the technology leadership, service excellence, skills development and training required to support Saudi Arabiaa™s long-term oil and gas production goals.a

Setting out the terms of cooperation between the partners and a standardized contractual format for future projects, the CPA is designed to streamline and simplify working processes, leading to reduced costs and shorter cycle times for Saudi Aramcoa™s projects.

In addition, the CPA includes a joint technology development program that builds on GEa™s turbomachinery expertise and includes cooperation on initiatives focused on optimizing the performance of Saudi Aramcoa™s installed fleet of turbomachinery equipment, which includes over 60 gas turbines, 90 compressors and more than 100 pumps.

With several strategic public and private partnerships in various growth sectors including oil and gas, energy, aviation, healthcare and water, Saudi Arabia is home to seven GE facilities and the largest regional workforce of more than 700 employees.

About GE

GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the worlda™s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's website at [ www.ge.com ].

GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With nearly 85,000 global employees and 2009 revenues of $37 billion, GE Energy [ www.ge.com/energy ] is one of the worlda™s leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energya"GE Power & Water, GE Energy Services and GE Oil & Gasa"work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.

About GE Oil & Gas

GE Oil & Gas ([ www.ge.com/oilandgas ]) is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. We also provide pipeline integrity solutions, including inspection and data management. As part of our 'Innovation Now' customer focus and commitment, GE Oil & Gas leverages technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 12,000 people worldwide and operates in over 100 countries.

About Saudi Aramco

Owned by the Saudi Arabian Government, Saudi Aramco is a fully integrated, global petroleum enterprise and a world leader in exploration and producing, refining, distribution, shipping and marketing. The company manages proven reserves of 260 billion barrels of oil and manages the fourth-largest gas reserves in the world, 263 trillion cubic feet. In addition to its headquarters in Dhahran, Saudi Arabia, Saudi Aramco has affiliates, joint ventures and subsidiary offices in India, China, Japan, the Netherlands, the Republic of Korea, Singapore, the United Arab Emirates, the United Kingdom and the United States. For more information, go to [ www.saudiaramco.com ].