GE and PetroSA, South Africa's National Oil Company, on Monday signed a memorandum of understanding (MOU) to establish a framework for exploring cooperation between the two companies that could lead to future commercial opportunities and help support the country's ongoing economic growth.
The MOU was signed by John Krenicki, GE vice chairman and president and CEO of GE Energy; and Dr. Benny Mokaba, PetroSA chairman. The MOU covers the following areas for potential cooperation:
- Optimization of existing PetroSA facilities, such as energy and water efficiency improvements at Petro SA's gas-to-liquids refinery in Mossel Bay, one of the world's largest GTL complexes;
- Greenfield projects, such as possible participation by GE in the development of a utility island for the Mthombo refinery at Coega, South Africa;
- Upstream projects, including technological solutions for shale gas exploration and enhanced heavy oil recovery;
- Renewable energy, a sector where PetroSA is interested in developing its expertise and involvement;
- Other areas such as technology support, leadership development, technical training and potential agreements that may result from the MOU.
"As South Africa's national oil company, our mandate is to commercialize all state-owned assets in the petroleum sector and to manage them as a profitable business for the benefit of all South Africans," said Dr. Mokaba, chairman of the board for PetroSA. "Through the MOU with GE, we are exploring the benefits of cooperation in areas where PetroSA's interests may be served by GE Energy's expertise, global capabilities and experience."
"We are excited about the prospects of working more closely with PetroSA to develop a relationship that will benefit both companies and will support the continued economic and social growth of South Africa and its people," said Krenicki. "With one of the industry's most comprehensive portfolios of advanced technologies and services, we are well positioned to help PetroSA develop solutions for challenges across the energy and oil and gas landscape."
GE, with its global and local partners, has the capabilities to provide diverse, integrated solutions including power generation, oil and gas, energy management, energy efficiency, carbon footprint and wastewater treatment. In addition, GE is a global leader in providing renewable energy solutions including wind power, concentrated solar power and photovoltaic technologies.