GE Oil & Gas signs partnership agreement with Iraq Ministry of Oil
GE Oil & Gas (NYSE: GE) has signed a first-of-its-kind partnership agreement with the Iraqi Ministry of Oil that aims to strengthen the performance of the nation’s energy sector by providing advanced equipment, technology upgrades, maintenance of the Ministry’s fleet and ensuring knowledge transfer, skills development and local jobs.
The agreement aims to enhance the operational efficiency of all assets of the Ministry and promote the sustainable growth of the nation’s economy. It also envisages the setting up of the country’s first Monitoring & Diagnostics Center that will leverage GE’s Digital solutions. The 24/7 center will take Big Data from sensors embedded in the Ministry’s equipment and with advanced software analytics will offer web-based solutions that enable predictive maintenance, reduced downtime and overall improved operational efficiency
GE and Iraq Ministry of Oil have agreed to partner on an end-to-end solution to reduce gas flaring in Iraq oil fields and use it for power generation. This solution could translate into more than 200 Megawatts per site and recovery of several thousand barrels per day of liquefied petroleum gas.
In addition, GE Oil & Gas will partner with the Ministry of Oil to develop financing structures for its projects by tapping into its international knowledge and expertise in supporting major Oil & Gas projects around the world.
Underlining the commitment of GE Oil & Gas to localization, the agreement will work to create additional jobs for Iraqis, and build national human capital through advanced technical training and knowledge transfer. This builds on GE Oil & Gas’ existing capabilities in terms of people employed, shops, repair and services. Underlining its commitment to job creation and localization, GE has hired more than 200 Iraqi employees in the country over the past five years.
The partnership agreement was signed at the offices of the Iraqi Ministry of Oil at a ceremony attended by Fayadh Hassan Nima, Deputy Minister of Oil; Rami Qasem, President & CEO, GE Oil & Gas, Middle East, North Africa & Turkey; Aziz Koleilat, President & CEO, GE Iraq as well as other senior dignitaries and officials.
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