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GE Signs Licensing Agreement for Oil and Gas Compressors with BHEL of India - Expands GE presence in South Asian oil and gas sectors with high-tech infrastructure development solution (NYSE: GE)
GE Signs Licensing Agreement for Oil and Gas Compressors with BHEL of India

 

PRZOOM - /newswire/ - New Delhi, India, 2010/07/21 - Expands GE presence in South Asian oil and gas sectors with high-tech infrastructure development solution (NYSE: GE). NYSE: GE

   
 
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Further expanding its technology presence in India and the region, GE has signed a 10-year licensing agreement with Bharat Heavy Electricals Limited (BHEL) of India.

According to the agreement, signed through GE Oil & Gas’ Italian entity Nuovo Pignone, GE’s advanced range of high performance, high efficiency centrifugal compressors will be manufactured under license at BHEL’s production site in Hyderabad, India, for sale in India and in other South Asian territories.

John Flannery, president and CEO, GE India said: “This agreement builds on our strategy of bringing world-class technology to the Indian marketplace. It strengthens GE’s ‘company to country’ approach by creating growth opportunities and developing local skills and expertise. BHEL is an excellent partner for us, consistent with GE’s high standards in performance engineering and customer service.”

Mr. B.P. Rao, chairman & managing director, BHEL said: “This licensing agreement is an endorsement of our existing partnership with GE and of BHEL’s own world-class engineering capabilities. I’m confident that together we can support customers in India, with the outstanding compression technology that is synonymous with GE Oil & Gas and which these markets require for continued industrial growth.”

GE’s compressor units are vital to infrastructure development projects, including oil and gas production and transportation, refinery and petrochemical industry applications and fuel gas boosting. The technical scope of the licensing agreement provides for the licensing of GE’s advanced range of centrifugal compressors, specifically several models of horizontally-and vertically split, pipeline and integrally gear compressors.

Based on a previous licensing agreement in place with GE Energy since 1986, BHEL already is successfully partnering on the manufacturing and sale of GE gas turbines for Power and Water applications. Today’s agreement also builds on a successful licensing arrangement for similar units held between Nuovo Pignone and BHEL from 1971 to 1992.

About BHEL
BHEL (BSE: 500103l; NSE: BHEL) is the largest engineering and manufacturing enterprise in India in the energy-related/infrastructure sector today. BHEL (bhel.com) was established more than 40 years ago, ushering in the indigenous heavy electrical equipment industry in India—a dream that has been more than realized with a well-recognized track record of performance.

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 infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide.

GE 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 General Electric Capital Corporation’s (GECC) funding and on our ability to reduce GECC’s asset levels 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 GECC 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, including the impact of proposed financial services regulation; 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 Contact:
Ken Darling, Masto Public Relations
P: +1 518 786 6488, E: kenneth.darling[.]ge.com.

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

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

 
 
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GE Signs Licensing Agreement for Oil and Gas Compressors with BHEL of India

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