Dubai – MENA Herald: GE (NYSE: GE) and Emirates National Oil Company LLC (ENOC) signed a strategic Memorandum of Understanding (MoU) to explore areas of collaboration for developing innovative technologies that will strengthen energy conservation at ENOC’s facilities and enhance the performance and efficiency of ENOC’s fuel and lubricants solutions . It was announced on the sidelines of the Cisco Internet of Things World Forum in Dubai, supported by GE as a Premier Sponsor.

With a focus on bringing added value to the business units of ENOC Marketing, including aviation fuel, lubricants, and liquefied petroleum gas (LPG) among others, the technology collaboration will draw on the potential of GE’s Industrial Internet solutions to help achieve new levels in productivity and operational efficiency.

The integration of heavy machinery with big data and advanced analytics, Industrial Internet is a game changer that brings transformational growth for businesses. As the ‘internet of really big things,’ Industrial Internet enables GE’s partners to get connected, gain insights and strengthen asset optimization.

Highlighting the value the MoU brings to both partners, Nabil Habayeb, GE’s President & CEO for the Middle East, North Africa & Turkey said: “ENOC is the energy partner of choice for Dubai and has a growing international footprint across the entire energy sector value chain. Through the MoU, we are seeking to work closer with ENOC to promote localized innovation that will enhance the efficiency and productivity of its assets. Our joint work will help us in identifying the right solutions that meet the exact requirements of ENOC through knowledge sharing and co-creation.”

Zaid Alqufaidi, Managing Director of ENOC Marketing said: “As a key energy provider, we are committed to deploying talent and resources to enhance our services and solutions, and align with the ambitious vision of the Government of Dubai. This MoU comes in line with two strategic priorities – the conservation of energy to support Dubai’s sustainable development strategy, and our focus on promoting innovation in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai. As the UAE marks the ‘Year of Innovation’, our collaboration with GE will enable us to build our research competencies and develop innovative technologies that will add value to our operations.”

GE is a long term partner of ENOC, having supplied advanced turbines to power its refinery operations. A wholly-owned entity of the Dubai Government, ENOC is a leading force in the economic diversification and sustainable development of the UAE. With multiple subsidiaries and international joint ventures, ENOC’s diverse business portfolio covers exploration & production, refining, oil trade, terminalling & storage, bunkering, liquefied petroleum gas, aviation fuel marketing, lubricants blending & marketing, with core operations in the Middle East, Asia, Europe and Africa.

GE had recently announced new collaborations and technology centers to drive digital industrial transformation. Powered by Predix, the world’s first and only cloud-based operating system built exclusively for industry, GE’s Industrial Internet and software solutions offer a 20 percent potential increase in performance for its customers. These solutions could help unlock US$465 billion in economic value for industry across the MENAT and Pakistan by 2025 annually.