GE Oil & Gas signs first-of-its-kind partnership agreement with Iraq Ministry of Oil to strengthen energy production

GE Oil & Gas (NYSE: GE) has actually signed a first-of-its-kind collaboration arrangement with the Iraqi Ministry of Oil that aims to strengthen the efficiency of the country's energy sector by supplying advanced equipment, technology upgrades, upkeep of the Ministry's fleet and ensuring knowledge transfer, skills development and local jobs.

The agreement intends to improve the functional effectiveness of all assets of the Ministry and promote the sustainable development of the country's economy. It also envisages the setting up of the country's very first Monitoring & Diagnostics Center that will leverage GE's Digital options. The 24/7 center will take Big Data from sensing units embedded in the Ministry's equipment and with advanced software analytics will offer web-based solutions that enable predictive maintenance, minimized downtime and overall enhanced functional effectiveness.

GE and the Iraq Ministry of Oil have actually consented to partner on an end-to-end solution to lower gas flaring in Iraq oil fields and use it for power generation. This solution might equate into more than 200 Megawatts per site and recovery of a number of thousand barrels per day of melted petroleum gas.

In addition, GE Oil & Gas will partner with the Ministry of Oil to structure first-of-its-kind funding with the Iraq Ministry of Finance to support delivery of the strategic projects under the Frame Agreement.

Highlighting the dedication of GE Oil & Gas to localization, the agreement will work to develop added jobs for Iraqis, and construct national human capital through innovative technical training and knowledge transfer. This builds on GE Oil & Gas' existing capabilities in terms of people employed, shops, repair and services. Underlining its commitment to job creation and localization, GE has hired more than 200 Iraqi employees in the country over the past five years.

The collaboration contract was signed at the offices of the Iraqi Ministry of Oil at an event attended by Fayadh Hassan Nima, Deputy Minister of Oil; Rami Qasem, President & CEO, GE Oil & Gas, Middle East, North Africa & Turkey; Aziz Koleilat, President & CEO, GE Iraq in addition to other senior dignitaries and officials.

Fayadh Hassan Nima stated: "The oil and gas sector serves as the backbone of the national economy and we are committed to strengthening it by leveraging the latest innovations. The Framework Agreement with GE Oil & Gas is planned to bring transformational growth to the market by improving the operational effectiveness of all our assets and boosting productivity.

"A leading priority for the Ministry is to develop new jobs for Iraqis in the energy sector, with the arrangement working to construct the skills of our talented specialists and youth skills. The recommendations of the agreement will have long-run benefits for the economy and enhance the competitiveness of the oil and gas sector.".

Rami Qasem said: "The new GE-Iraq strategic plan further enhances our long-term partnerships with the Ministry of Oil and with the country and builds on the excellent abilities we have built-up in-country over many years. We are thrilled that the projects to be carried out will support the nationwide economy and the people of Iraq by boosting abilities within the energy sector, which contributes substantially to the nationwide GDP.".

Qasem added: "In addition to scaling up the effectiveness and efficiency of the existing assets of the Ministry, the contract likewise marks the very first application of our advanced Digital options, flare gas solutions and financing. These are all landmark efforts we are proud to drive forward with our Iraqi partners. The contract is a strong presentation of our focus on developing new jobsfor Iraqis and to accelerate localization initiatives.".

Throughout the contract, GE Oil & Gas will work with the Iraq Ministry of Oil to present its latest technologies and solutions to update the Ministry's possessions that will add to the dependability and efficiency of the energy sector.

GE has recently signed a 'Power Up Plan' with the Iraq Ministry of Electricity for crucial electrical energy generation and maintenance projects throughout the nation. The strategy comprises a set of technological solutions, and upgrade jobs to be performed to make sure vital incremental power is contributed to the national grid in time for the summer duration.

With three workplaces in Iraq - in Baghdad, Erbil and the southern oil & gas hub of Basra-- GE remains to deliver its latest innovation and proficiency to local consumers. GE has over 40 years of existence in Iraq, and helps support the country's infrastructure needs in power generation, oil & gas, water processing, aviation and healthcare.