GE inks deal with local firm for petro- projects

 The collaboration will allow SMART to make GE Oil & Gas solutions as well as to distribute drilling and surface equipments to GE’s upstream oil and gas projects in the Southeast Asian country.

The landmark agreement follows the opening of GE's office in Myanmar in May 2013 and reflects the corporation's focus on deepening its local presence through local partnership and collaboration. 

 The scope of the joint venture with SMART covers GE’s drilling and surface solutions, including equipment and services. GE’s extensive portfolio of products and services for drilling and production comprises surface wellheads, flow control equipment, blow-out preventers and riser equipment.

SMART will enable the distribution of casing strings, large rigs and reliable high-pressure and temperature solutions that GE requires for its broad range of land applications from shallow, low-pressure wells to critical service wells drilled to depths of more than 20,000 feet. Offshore applications include different types of fixed and floating platforms such as jack-up drilling rigs, floating drilling rigs and floating production, storage and offloading (FPSO) units.

“This partnership will be beneficial to both parties involved with GE offering to transfer the needed knowledge, experience and technology to our talented fellow citizens who are the future of Myanmar,” Yangon Region Chief Minister Myint Swe said during the signing ceremony held in Yangon on Monday, adding that  the partnership will be the core stimulant that helps drive the development of the country.

GE has been present in Myanmar since 2012 when most of the Western sanctions against the country were lifted.

“Our entry into the local market has been an encouraging journey as we strive to help the country develop its infrastructure. Today’s announcement reflects our long-term commitment to grow with Myanmar and partner with local corporates and the government to solve the tough challenges faced in the oil and gas sector,” said Stuart Dean, chief executive officer of GE Asean.

“While we have created in-roads in our oil and gas business, there is much to be achieved for the country and its people. GE has the technology and solutions to contribute to efforts planned to accelerate Myanmar’s economic competitiveness.”

GE in Myanmar is led by its country representative Andrew Lee, who is of Myanmar origin and has extensive experience in marketing and business development in both the US and southeast Asia. 

Myanmar is GE’s ninth country in Asean. GE has been in the region for more than 100 years with revenue exceeding US$ 3 billion (Ks 2.94 trillion) and orders of approximately US$ 4 billion (Ks 3.92 trillion). The company has a workforce of nearly 7,500 employees in the Southeast Asia.

SMART Technical Services, a part of the SMART Group of Companies in Myanmar, is one of the leading local suppliers of equipment and support services to the country’s oil and gas industry since 1994.