GE, Modon ink land deal for oil & gas plant
Dammam, September 25, 2013
GE has signed a 74,000 sq m land lease agreement with the Saudi Industrial Property Authority (Modon), for building an advanced oil and gas manufacturing facility.
The planned new facility located in Dammam 2nd Industrial City will be part of the $1 billion investment commitment to Saudi Arabia announced by GE last year, a statement said.
GE’s chairman & chief executive officer Jeffrey Immelt, Hisham Al Bahkali, GE’s president & chief executive officer in Saudi Arabia & Bahrain, and Saleh I Al-Rasheed, director general, Modon, signed the agreement at a ceremony held in Dammam.
To be located near the existing Pressure Control Facility, the planned GE Oil & Gas Manufacturing Facility will cover an area of approximately 40,000 sq m and will integrate the different business lines of GE Oil & Gas under one roof.
The facility is intended to provide consolidated offices, as well as manufacturing capabilities, packaging and assembly for GE Oil & Gas businesses including measurement & control, subsea systems, as well as artificial lift and pressure control equipment for its drilling & surface business.
Rami Qasem, president and CEO, GE Oil & Gas, Mena and Turkey said: “The extensive services to be offered by the planned GE Oil & Gas Manufacturing Facility will enable us to provide our partners with the most advanced services and product support in the least possible response time to strengthen their operational efficiencies.”
“It also marks our sustained commitment to Saudi Arabia’s growth vision to promote localized manufacturing, job creation for Saudi youth and to boost the exports sector,” he added.
The GE Oil & Gas Manufacturing Facility, planned to be operational in the fourth quarter of 2015, will enable the company to support its key customers, including Saudi Aramco, with shorter cycles through localized manufacturing of key components. – TradeArabia News Service