GE, Al Shaheen Energy ink partnership deals
Doha, December 23, 2009
GE Oil & Gas and Al Shaheen Energy Services, a wholly-owned subsidiary of Qatar Petroleum, have signed key partnership agreements aimed at establishing a JV to perform aftermarket services of turbomachinery equipment in Qatar.
GE Oil & Gas 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.
The duo signed two key pacts aimed at developing partnerships in the oil and gas and energy industries consolidating PII Pipeline Solutions’ presence in Qatar and the Middle East with a 50 per cent investment.
Under the first agreement, Al Shaheen Energy Services becomes a 50 per cent strategic JV partner in GE Oil & Gas’ PII Pipeline Solutions business with immediate effect.
'GE Oil & Gas will maintain operational control of the business. The company name will be PII Pipeline Solutions (an Al Shaheen/GE Oil & Gas Company). Its logo,inspection tool names, services and software will remain the same,' said John Bucci, general manager of GE Oil & Gas, PII Pipeline Solutions.
Together, GE and Al Shaheen will establish a dedicated Integrity and Inspection center in Qatar, expected to be opened in 2010, to support pipeline solutions in the Middle East, Bucci noted.
He said Al Shaheen Energy Services, as part of Qatar Petroleum, was an excellent, strategic partner for PII to help the company grow and meet its long-term objectives.
'The partnership agreement will benefit our entire global customer base through the leveraging of additional strategic resources and improved access to the Middle East. This is great news for pipeline operators, our employees and the Middle East region, evidencing the strength and value of the PII franchise,' Bucci added.
Jeff Nagel, vice president Global Services, GE Oil & Gas, said the two companies have also signed a 50:50 joint venture agreement to perform aftermarket services for the GE Oil & Gas installed fleet in Qatar.
The Al Shaheen/GE Services Company, which includes GE’s existing Services Center facilities in Qatar, will provide an enlarged range of turbine, compressor and related auxiliary equipment services, he explained.
The JV will help Qatar achieve increased oil and gas capacity by providing the most advanced technologies for the inspection, maintenance and repair needs of the local oil and gas industry.
The broader application expertise available will include LNG and pipeline, gasification and storage, and refinery and petrochemicals. The Qatar Services Center will promote Qatar’s growth by fostering technology transfer and the development of local talent.
“GE has a long association with Qatar Petroleum, and formalizing a joint venture relationship with Al Shaheen Energy Services is a significant step forward in this important alliance.We look forward to working closely with Al Shaheen to promote the growth and success of this venture,” he added.
Signing the agreements for Al Shaheen Energy Services, chairman Ahmad Saif Al Sulaiti, said: 'These deals mark an important step, both in our own business development, and in boosting employment and skills in the region.'
'PII Pipeline Solutions is a strong brand, with an excellent track record, outstanding engineering and commercial teams and best-in-class technology. Having collaborated for several years, we are delighted to become involved with such an exciting business,' he added.-TradeArabia News Service