Thursday, May 27, 2010

GE reaches deal with Saudi Aramco

DAMMAM, Saudi Arabia

General Electric said Wednesday that it has signed a deal with the national oil company of Saudi Arabia that establishes a framework for the supply of GE turbomachinery equipment and services to support oil and gas production in the country.

The deal between GE and Saudi Aramco is designed to cut costs and lead to shorter cycle times for Saudi Aramco projects. It also builds on initiatives to maximize the performance of Saudi Aramco's fleet of turbomachinery equipment, which includes more than 60 gas turbines, 90 compressors and more than 100 pumps.

No financial terms for the deal were included in the announcement.

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