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Crotonville, NY, United States, 2015/09/10 - The Memorandum establishes a framework for GE and PEMEX to encourage a mutually beneficial relationship to develop and finance projects across the Oil and Gas value chain, as well as exchange skills, experience and knowledge - PEMEX.com / GE.com. NYSE: GE
GE and Mexico’s state-owned oil and gas company Petróleos Mexicanos (PEMEX) signed today a Memorandum of Understanding (MOU), as part of the GE’s quarterly meeting of its Corporate Executive Council in Crotonville, New York, with the presence of Pemex CEO, Emilio Lozoya Austin and GE’s Chairman and CEO, Jeff Immelt.
As an answer to the new situation in the Mexican market, Pemex is in a process of transformation and has redesigned its business strategy with the purpose of finding partners that would strength its operational capabilities, share the risk of execution and generate new businesses . In this sense the MOU sets the framework for GE and PEMEX to work together on technological and financial solutions for gas compression, power generation and hydrocarbons production, onshore and offshore, including subsea and downstream. Also, GE will explore opportunities for the local expansion of its manufacturing and engineering capabilities, and will foster the implementation of technologies based on the Industrial internet the internet of things. Finally, both companies will share best practices on training and human resources.
One successful example of GE’s partnership with Pemex (pemex.com) is the rejuvenation of Pemex fertilizer facility located in Pajaritos, Mexico, playing a key role on revitalizing the country’s fertilizer production which would reduce its reliance on imports. GE will provide a full turnkey installation solution that renews facility’s performance and efficiency. The newly restored plant will meet about 25% of Mexico’s domestic demand for Urea.
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