GE Oil & Gas supports development of oil and gas resources

via CAAI News Media

13/04/2010

GE Oil & Gas supports development of oil and gas resources

The agreement reached by GE Oil & Gas and PetroVietnam in Washington DC on April 12 sets out a clear basis for continued successful cooperation between the US and Vietnamese groups in the coming years, confirmed a GE Oil & Gas official.

Talking on the occasion of the signing of a memorandum of understanding (MOU) on long-term cooperation between GE Oil & Gas, an affiliate of GE of the USA , and PetroVietnam, President & CEO of GE Oil & Gas, Mr. Claudi Santiago said : "We are honored to sign this MOU with Petrovietnam, already a highly valued partner to GE Oil & Gas. Our agreement sets out a clear basis for continued successful cooperation in the coming years. We are dedicated to supporting the continued development of oil and gas resources in Vietnam and are capable of delivering technologically advanced projects of significant scale to meet the growing energy needs of Vietnam and the region".

According to GE Oil & Gas, the MOU outlines the principles and basis of long-term collaboration between GE Oil & Gas and PetroVietnam regarding the supply of advanced oil and gas equipment, services and spare parts to optimize the total life-cycle value of key oil and gas projects.

GE Oil & Gas Apr. 12 press release said that the signed MOU creates a framework to improve future transactions based on standardized contractual terms, conditions and manufacturing slot reservations, and provides for potential future cooperation on new oil and gas technologies, technical support on projects and advanced skills development and training.

It added that GE Oil & Gas has a strong local presence in Hanoi and Ho Chi Minh City for turbomachinery and drilling and production equipment and services support respectively. GE Oil & Gas provides advanced technology equipment and services to several high-profile projects in Vietnam , such as the BP Pipeline, Dung Quat Refinery, Phu My Refinery, Ca Mau Fertilizer and Vietsovpetro.

The MOU will enable GE Oil & Gas to more effectively partner on other potential large-scale projects with PetroVietnam, including PetroVietnam’s Nghi Son Refinery, Long Son Refinery, Chevron Block B Off-Shore development and the Long Son Petrochem Complex, said the press release.