"We are delighted to have a solid framework of cooperation in place with GE Oil & Gas," said Saudi Aramco Materials Supply Executive Director Nassir Al-Yami. "Over the last 50 years GE has played an important role in supporting the efficient production of oil and gas in the Kingdom. I am confident that this agreement paves the way for even greater accomplishments in the coming years."
"This agreement reflects GE's commitment to long-term investment in Saudi Arabia and elevates our strong relationship with Saudi Aramco to an exciting new level," said GE Vice Chairman John Krenicki, who also serves as president and CEO of GE Energy. "Moving beyond project-by-project oil and gas sector transactions will enable GE to support the optimized performance of Saudi Aramco's installed turbomachinery fleet. Through the new framework we agreed, GE will provide the technology leadership, service excellence, skills development and training required to support Saudi Arabia's long-term oil and gas production goals."
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 Aramco projects.
In addition, the agreement includes a joint technology-development program that builds on GE's turbine expertise and includes cooperation on initiatives focused on optimizing the performance of Saudi Aramco's installed fleet of turbomachinery equipment, which includes more than 60 gas turbines, 90 compressors and more than 100 pumps.
GE turbines are considered among the best in the industry and are used in a variety of applications from steam-electricity cogeneration to desalination plants that provide drinking water across the region.
With several strategic public and private partnerships in various growth sectors including oil and gas, energy, aviation, health care and desalination, Saudi Arabia is home to seven GE facilities and a regional work force of more than 700 employees.
