GE Oil & Gas, Al Shaheen Team Up in Qatar
GE Oil & Gas and Al Shaheen Energy Services, a wholly owned subsidiary of Qatar Petroleum, established to develop partnerships in the oil and gas and energy industries, have signed two partnership agreements, consolidating PII Pipeline Solutions' presence in Qatar and the Middle East, and establishing a JV for aftermarket services of Turbomachinery equipment in Qatar.
50% investment in PII Pipeline Solutions
Under the first agreement Al Shaheen Energy Services becomes a 50% 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. 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.
John Bucci, General Manager, GE Oil & Gas, PII Pipeline Solutions said, "Al Shaheen Energy Services, as part of Qatar Petroleum, is an excellent, strategic partner for PII to help us continue to grow and meet our 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."
Joint Venture for GE Oil & Gas Global Services in Qatar
GE Oil & Gas and Al Shaheen 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. 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.
Jeff Nagel, Vice President Global Services, GE Oil & Gas said, "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."
Signing the agreements for Al Shaheen Energy Services, Ahmad Saif Al Sulaiti, Chairman of Al Shaheen Energy Services, 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. We believe we can make a valuable contribution to help PII develop its future direction and continue to deliver technology innovation for pipeline safety and inspection. Additionally, the joint Qatar Services Center investment with GE will be of immense benefit to helping Qatar and the Middle East achieve increased oil and gas capacity, as well as nurturing local engineering knowledge and talent."
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