13-Year Pact Covers Nine Units at PTT Chemical's Rayong Facility
BANGKOK, THAILAND---January 26, 2010---Thailand's largest chemical producer and a regional leader in the petrochemical industry, PTT Chemical Public Company Limited, has signed a service agreement with GE (NYSE: GE) to help ensure the long-term reliability of nine GE gas turbines at PTT Chemical's site in Map Ta Phut Industrial Estate, Rayong Province, Thailand.
The contractual service agreement (CSA) will help PTT Chemical manage its gas turbine maintenance program for the next 13 years. It covers three GE Frame 5 gas turbines and six Frame 6 gas turbines at the Map Ta Phut site.
"Through this agreement, GE will provide maintenance services which will help ensure the continuing reliability and efficiency of the gas turbines, which is critical in enabling us to maintain our petrochemical production schedule," said Veerasak Kositpaisal, president and CEO of PTT Chemical. "The CSA also helps us to effectively manage our maintenance budget over the life of the agreement."
"While we have received equipment orders from PTT Chemical in the past, this marks our first CSA with the company," said Kovit Kantapasara, GE Energy country executive for Thailand and Indochina. Overall, GE has supplied more than 20 gas turbines to the petrochemical business of the PTT Group.
GE's CSAs cover the supply of parts, repairs and field services for planned and unplanned outages for gas turbine-generators and accessory equipment, along with performance guarantees. GE's long-term service agreements are structured to provide customers with predictable maintenance costs. To date, GE has long-term service agreements including CSAs in place at more than 600 sites worldwide.
PTT Chemical is a diversified and integrated chemical producer offering a wide variety of petrochemical and chemical products. Its product portfolio includes ethylene and propylene, collectively called olefins, downstream derivatives such as polymers and ethylene oxide and ethylene glycol and oleochemicals. The company's gas-based plants have a total annual capacity of 2,888,000 tons of olefins, making it Thailand's largest olefins producer and the second largest in all of Asia.
About GE
GE is a diversified global infrastructure, finance and media company that's built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.
GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With 60,000 global employees and 2008 revenues of $38.6 billion, GE Energy www.ge.com/energy is one of the world's leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy - GE Power & Water, GE Energy Services and GE Oil & Gas - work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
For more information, visit the company's Web site at www.ge.com. GE is imagination at work.
For more information on PTT Chemical, please visit www.pttchemgroup.com.
Ken Darling
Masto Public Relations
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Soteryx Corporation
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