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 management practices in ‘Lean’ and ‘Six Sigma’, designed to improve productivity and workforce effectiveness.
The MOU will enable GE Oil & Gas to effectively partner on other potential large-scale projects with Petrovietnam, including Petrovietnam’s Nghi Son Refinery, Long Son Refinery, Chevron Block B Off-Shore development and the Long Son Petrochem Complex, the company said.
Nguyen Thap, vice president of Petrovietnam, said: “This agreement will accelerate our already successful cooperation with GE Oil & Gas, reinforcing our long-term partnership to benefit the efficient development of oil and gas resources in Vietnam.”
Claudi Santiago, president and CEO, GE Oil & Gas, said: “Our agreement sets out a clear basis for continued successful cooperation in the coming years. We are dedicated to supporting the continued development of oil and gas resources in Vietnam and are capable of delivering technologically advanced projects of significant scale to meet the growing energy needs of Vietnam and the region.”
