ASTANA KAZAKHSTAN and FLORENCE, ITALY - November 5, 2009 - GE Oil & Gas, Kazakhstan's National Welfare Fund JSC NWF Samruk-Kazyna and JSC ZKMK, a precision engineering plant operator, have today signed an agreement to work toward the establishment of a new joint venture to localize the production and servicing of gas turbines in the Republic of Kazakhstan.
The agreement was signed today in Rome, Italy by Claudi Santiago, President and CEO, GE Oil & Gas, Aidan Karibdzhanov, Managing Director, JSC NWF Samruk-Kazyna and Alibi Akhmedzhanov, General Director, JSC ZKMK.
The parties have confirmed their intention to work towards a new joint venture (JV) to produce, assemble and supply gas turbines for gas transmission and transportation projects in Kazakhstan, Azerbaijan and Central Asia. Mid-2010 has been set as the target date for the formation of the JV that could include localized production of GE's 11-plus MW range of GE10 Gas Turbines.
Claudi Santiago, President & CEO, GE Oil & Gas said: "I'm delighted that GE Oil & Gas is working alongside JSC NWF Samruk-Kazyna and JSC ZKMK as potential partners to strengthen our long-term presence in Kazakhstan. I'm confident that we can reach a solid agreement to help meet the growing energy needs of Kazakhstan and Central Asia."
Based on a previous agreement, GE Oil & Gas and ZKMK are already successfully cooperating on the production of GE gas pump component parts and equipment at ZKMK's facilities, and are currently in the final stage of agreement on the establishment of a special service center for gas pump maintenance.
GE Oil & Gas has been present in Kazakhstan since the 1970s, when the company initially supplied 22 gas pump devices to the Uralsk and Chizha compressor stations which supported the Soyuz gas pipeline. The GE Oil & Gas installed base in Kazakhstan now includes over 50 gas turbines and 50 compressors of various capacities, including unique equipment for sour gas re-injection in the Karachagank, Tengiz and Kashagan gas fields.
About JSC NWF Samruk -- Kazyna
National Welfare Fund Samruk -- Kazyna is a recently created Kazakhstan company managing government-owned assets, which controls shares of national companies and financial development institutions with a total market capitalization of around $30 billion US dollars.
About JSC ZKMK - Zapadno-Kazakhstanskaya Mashinostroitelnaya Kompania
ZKMK is a precision engineering plant operator specializing in highly technological complex parts production, assembly, repair and maintenance for the oil, gas, processing and power industries.
About GE Oil & Gas
GE Oil & Gas (www.ge.com/oilandgas) 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. We also provide pipeline integrity solutions, including inspection and data management. As part of our 'Innovation Now' customer focus and commitment, GE Oil & Gas leverages technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 12,000 people worldwide and operates in over 100 countries.
About GE
GE is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and industrial products, we serve customers in more than 100 countries and employ more than 320,000 people worldwide. For more information please visit http://www.ge.com.
Sara Hassett
GE Oil & Gas
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+39-055-423-3361
GE news Eugenia Shipova -
Masto Public Relations
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