GE Oil & Gas Signs MOU Agreement with Petrovietnam

GE Oil & Gas, a world leading provider of advanced-technology equipment and services to the oil and gas industry, has signed a memorandum of understanding (MOU) with the Vietnam National Oil and Gas Group (Petrovietnam), the Government of Vietnam wholly owned company responsible for all oil and gas resources in the country and the third largest oil producer in South East Asia.

The MOU was signed today by Mr. Nguyen Quoc Thap, vice president of Petrovietnam and Mr. Marco Caccavale, North America region, general manager of GE Oil & Gas, in the presence of His Excellency Mr. Nguyen Tan Dung, prime minister of the Socialist Republic of Vietnam during his visit to Washington D.C.

Mr. Nguyen Quoc Thap: "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. We are confident that GE Oil & Gas will continue to play an important role in helping Petrovietnam contribute to the national and regional economy.”

Mr. Claudi Santiago, president & CEO, GE Oil & Gas said: "We are honored to sign this MOU with Petrovietnam, already a highly valued partner to GE Oil & Gas. 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”.

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 Off-Shore development and the Long Son Petrochem Complex.

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 (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

About GE in Vietnam

GE has been active in Vietnam since 1993, supplying products such as commercial aircraft engines, aircraft leasing, locomotives, turbines (gas, steam, hydro and wind), generators, gas compressors, diagnostic equipment, electrical and electronic equipment, lighting and water treatment chemicals. In addition, GE Money, a provider of consumer financing services, established an office in Hanoi in August 2006. Now with approximately 100 employees in the country, GE also contributes to local communities through organizations such as the GE Foundation, which grants scholarships to university students in Vietnam and GE Volunteers in Vietnam, which supports local social projects.

About Petrovietnam

The Vietnam Oil and Gas Corporation was created in May 1995 by the prime minister as a state-owned corporation, with its acronym as Petrovietnam for international transactions; the former operation was the Vietnam Oil & Gas Company under the Vietnam Oil and Gas Company (Petrovietnam) from 1975. In August 2006, the corporation was restructured by the prime minister to become the Vietnam National Oil and Gas Group (Petrovietnam). The Vietnam Oil and Gas Group has expanded its businesses in major heavy industrial fields such as exploration and production, refining, gas, petrochemical, marketing and trading, maritime and logistics and finance. For more information, please visit www.pvn.vn.