GE announced the completion of its acquisition, from Shenyang Blower Works Group Company Ltd (SBW Group), of 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 SBW Group.
Claudi Santiago, President and CEO, GE Oil & Gas said: "GE is committed to a significant local presence and long-term investment in China. This agreement consolidates our 30-year relationship with SBW Group, China's foremost manufacturer of compressors, and enables GE to continue to support China's critical energy infrastructure projects with high-end technology and world-class engineering expertise."
Mr. Su Yongqiang of SBW Group said: "We're proud of our long-standing relationship with GE Oil & Gas. Together we are supporting some of China's most important energy projects, including the milestone West-to-East gas pipeline. GE's equity holding formalizes our successful partnership and provides a strong platform on which to build, working towards shared growth objectives."
GE Oil & Gas is a major supplier of turbomachinery equipment to PetroChina, owner and developer of the 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. Supported by GE Oil & Gas, SBW manufactured compression equipment also for the West to East Gas Pipeline Project.
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.
Through the Drilling & Production solutions platform, GE Oil & Gas also supplies equipment and services for upstream exploration and production in China including wellheads, drilling systems, trees, valves, connectors, controls, compressors, gas turbines, multi-phase and reinjection pumps.