GE, PetroSA Exploring Cooperation across South Africa’s Energy Spectrum
• MOU Opens a Path for Future Commercial Opportunities
• Relationship Could Benefit Both Companies and the People of South Africa
• GE Solutions Cover the Full Range of Energy, Oil & Gas Applications
CAPE TOWN, SOUTH AFRICA -- September 26, 2011 – GE (NYSE:GE) and PetroSA, South Africa’s national oil company, today signed a Memorandum of Understanding (MOU) to establish a framework for exploring cooperation between the two companies that could lead to future commercial opportunities.
The MOU was signed by John Krenicki, GE vice chairman and President and CEO of GE Energy; and Dr. Benny Mokaba, PetroSA Chairman. The MOU proposes the following areas for potential cooperation:
• Optimization of existing PetroSA facilities, such as energy and water efficiency improvements at PetroSA’s Gas-To-Liquids (GTL) Refinery in Mossel Bay, one of the world’s largest GTL complexes;
• Green field projects, such as possible participation by GE in the development of a utility island for the Mthombo Refinery at Coega Industrial Development Zone , South Africa;
• Upstream projects, including enhanced heavy oil recovery;
• Renewable energy, a sector where PetroSA is interested in developing its expertise and involvement;
• Other areas such as technology support, leadership development, technical training and potential frame agreements to cover multiple GE product lines.
“As South Africa’s national oil company, our mandate is to commercialize all state-owned assets in the petroleum sector and to manage them as a profitable business for the benefit of all South Africans,” said Dr. Mokaba. “Through the MOU with GE, we are exploring the benefits of cooperation in areas where PetroSA’s interests may be served by GE Energy’s expertise, global capabilities and experience.”
“We are excited about the prospects of working more closely with PetroSA to develop a relationship that will benefit both companies and will support the continued economic and social growth of South Africa and its people,” said Krenicki. “With one of the industry’s most comprehensive portfolios of advanced technologies and services, we are well positioned to help PetroSA develop solutions for challenges across the energy and oil and gas landscape.”
GE, with its global and local partners, has the capabilities to provide diverse, integrated solutions including power generation, oil & gas, energy management, energy efficiency, carbon footprint and wastewater treatment. In addition, GE is a global leader in providing renewable energy solutions including wind power, concentrated solar power and photovoltaic technologies.
The Petroleum Oil and Gas Corporation of South Africa Ltd. (PetroSA) is a subsidiary of the Central Energy Fund, which is wholly owned by the state and reports to the Department of Energy. Core business activities of PetroSA include the exploration and production of oil and natural gas; participation in and acquisition of local and international upstream petroleum ventures; production of synthetic fuels from offshore gas; the development of domestic refining and liquid fuels logistical infrastructure; and the marketing and trading of oil and petrochemicals.
GE (NYSE: GE) is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, 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
GE also serves the energy sector by providing technology and service solutions that are based on a commitment to quality and innovation. The company continues to invest in new technology solutions and grow through strategic acquisitions to strengthen its local presence and better serve customers around the world. The businesses that comprise GE Energy—GE Power & Water, GE Energy Management and GE Oil & Gas—work together with more than 90,000 global employees and 2010 revenues of $38 billion, 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; as well as other alternative fuels and new grid modernization technologies to meet 21st century energy needs.
For additional information, please, contact:
Ken Darling or Howard Masto
Masto Public Relations
+1 518 786 6488