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GE Oil & Gas Signs Minority Shareholding Agreement with Shenyang Turbo Machinery Corporation, China’s Leading Compressor Manufacturer - Agreement consolidates 30-year relationship and GE’s continued commitment to China
GE Oil & Gas Signs Minority Shareholding Agreement with Shenyang Turbo Machinery Corporation, China’s Leading Compressor Manufacturer

 

PRZOOM - /newswire/ - Bejing, China, 2010/01/20 - Agreement consolidates 30-year relationship and GE’s continued commitment to China. NYSE: GE

   
 
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GE Oil & Gas today announced that it has entered into an agreement to acquire a minority equity interest in Shenyang Turbo Machinery Corporation, a large-scale Chinese state-owned enterprise dedicated to the design and manufacture of turbomachinery equipment and the main operating subsidiary of Shenyang Blower Works Group Company Ltd (SBW Group).

SBW Group, headquartered in Shenyang in China’s Liaoning Province, was first founded in 1934 to design, manufacture and commercialize centrifugal and reciprocating compressors and pumps for application in the domestic petrochemical, fertilizer, coal, natural gas transportation, and power industries.

The agreement was signed today in Shenyang by Mr. Su Yongqiang, Chairman of SBW Group and Fernando Bertoni, General Manager of Business Development for GE Oil & Gas in the presence of Mayor Chen Haibo and other senior government officials.

Mr. Su Yongqiang of SBW Group said: "We are delighted to have GE Oil & Gas, a global technology leader, join us as we enter a new phase of growth at SBW Group. The announcement consolidates a long-term partnership spanning 30 years, most recently invigorated by successful cooperation on the milestone West-to-East pipeline project. The equity holding formalizes GE’s track-record of reliable partnership, consistent delivery and long-term commitment to our business objectives in China.”

Fernando Bertoni of GE Oil & Gas said: “SBW Group is a key contributor to China’s domestic production of technology equipment and to the development of the national economy. This strategic alliance with SBW reflects our commitment to China and strengthens our local market presence. Working together, SBW Group and GE Oil & Gas will continue to support critical energy infrastructure projects in China with advanced technological innovation and world-leading engineering expertise.”

SBW Group’s domestic installed base includes over 1,850 large-scale centrifugal compressors, 1,059 large water pumps and 885 reciprocating compressors, and its customers include China Petrochemical Corporation, China National Petroleum Corporation, Linde, JSW Steel Limited, and China National Offshore Oil Corporation. The company, whose main shareholder is the Shenyang Government, operates 13 subsidiaries and has over 6,000 employees, including a core management team with more than 75 years of compressor design and manufacturing experience. SBW Group sales for 2008 stood at $700 million, reflecting a 14% growth on the previous year.

Working alongside SBW Group, GE Oil & Gas is a major supplier of turbomachinery equipment to Petrochina, owner and developer of the milestone West-to-East gas pipeline infrastructure project, which snakes through 13 provinces and autonomous regions, and is playing a vital role in supporting China’s energy security and economic development.

In addition to the West-to-East pipeline project, GE has been an equipment supplier for Sinopec's Sichuan-to-East China pipeline, which transports natural gas from the Puguang field in Sichuan to Shanghai in China's eastern region. Sinopec (China Petroleum and Chemical Corp.) is China's second-largest oil and gas producer.

GE Oil & Gas in China
GE Oil & Gas has been active in China for more than 30 years and has a strong presence in the refinery and petrochemical sectors of the country’s oil and gas business. With the growing demand for natural gas transmission, as illustrated by the two West-to-East pipeline projects, GE Oil & Gas greatly expanded its role as a supplier of pipeline compression equipment in the country and region.

About GE Oil & Gas
GE Oil & Gas (ge.com/oilandgas) is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. We also provide pipeline integrity solutions, including inspection and data management. As part of our 'Innovation Now' customer focus and commitment, GE Oil & Gas leverages technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 12,000 people worldwide and operates in over 100 countries.

About GE
GE (ge.com) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work.

Caution Concerning Forward-Looking Statements
This document contains “forward-looking statements”- that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: the severity and duration of current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of U.S. and foreign government programs to restore liquidity and stimulate national and global economies; the impact of conditions in the financial and credit markets on the availability and cost of GE’s funding and on our ability to reduce GE’s asset levels and commercial paper exposure as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the soundness of other financial institutions with which GE does business; the adequacy of our cash flow and earnings and other conditions which may affect our ability to maintain our quarterly dividend at the current level; the level of demand and financial performance of the major industries we serve, including, without limitation, air and rail transportation, energy generation, network television, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks; strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

Press Contacts
Sara Hassett, GE Oil & Gas
P: +39 055 423 3361
E: sara.hassett[.]ge.com.

Nigel O'Connor, GE Oil & Gas
P: +44 20 7302 6941
M: +44 7766 115 135
E: nigel.o'connor[.]ge.com.

Lian Zi Zhai, GE Oil & Gas
P: 8610 58223704
E: lainzi.zhai[.]ge.com.

Attention Editor
Masto Public Relations
E: information[.]mastopr.com.

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GE Oil & Gas Signs Minority Shareholding Agreement with Shenyang Turbo Machinery Corporation, China’s Leading Compressor Manufacturer

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