GE, Pertamina sign agreement on business practices

US giant GE through its unit GE Oil & Gas (NYSE: GE) and state oil, gas company PT Pertamina (Persero), have signed an agreement calling for the two companies to work together to cultivate their mutual interests in ethical and compliant business practices.

The milestone signed by Hari Karyuliarto, Pertamina chief compliance officer and Frederic Gaillot, GE Oil & Gas global compliance leader, contemplates best practice sharing, discussion of cross-company training opportunities and the adoption of voluntary standards on compliance and anti-corruption, GE Oil & Gas said in a statement released Monday.

Each company agrees to keep each other informed on regulatory developments and work together to increase transparency in the oil and gas industry and in particular in Indonesia.

GE has been named one of the 110 World?s Most Ethical Companies by The Ethisphere Institute.

GE has been active in Indonesia since 1940. Today, GE?s investment in Indonesia has reached more than US$1.2 billion, and the company has more than 700 employees to serve customers in this country.

From February until April of this year, 51 engineers and other professionals graduated from the first Indonesia intake of GE?s Oil & Gas University Program, an initiative that provides leadership, compliance and technology training for oil and gas professionals. The course was specifically designed for Pertamina employees. ?Since 2008, Pertamina sends every year two junior engineers to attend the GE Oil & Gas University program. Starting 2012, we intend to cooperate with GE in conducting leadership program for our managers and leaders,? said Ida Halya, leadership development program manager at Pertamina Learning Center.(alex)