GE Oil & Gas has signed a memorandum of understanding (MOU) Petrovietnam. 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.
Specifically, 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, including access to GE's world-class management practices in 'Lean' and 'Six Sigma', designed to improve productivity and workforce effectiveness.
GE Oil & Gas has a strong local presence in Vietnam in Hanoi and in 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, Caumau 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 offshore development and the Long Son Petrochem Complex.
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