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FINANCIAL NEWS
Saudi Aramco awards contract to GE
26 May 2010
(MENAFN) General Electric (GE) said that it has signed a corporate procurement agreement (CPA) with Saudi Aramco for the supply of GE turbomachinery equipment and services to support the efficient production of oil and gas in the Kingdom, according to a press statement.
Setting out the terms of co-operation between the partners and a standardised contractual format for future projects, the CPA is designed to streamline and simplify working processes, leading to reduced costs and shorter cycle times for Saudi Aramco?s projects, said the GE statement.
John Krenicki, vice chairman of GE and president and CEO of GE Energy, said the agreement reflects GE?s commitment to long- term investment in Saudi Arabia and elevates its strong relationship with Saudi Aramco to an exciting new level.
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