Italian export credit agency (ECA) Sace and GE Oil & Gas have signed a memorandum of understanding (MoU) for exports of technology providers and services in the oil and gas industry.

According to the MoU, Sace will support exports to markets such as Latin America, the Mena region, Asia and Sub Saharan Africa in an amount estimated to reach US$6bn for the next two years. GE Oil & Gas will benefit from competitive Sace-backed financing to sell its products and services, allowing it to seize new global opportunities and satisfy international demand.

GE Oil & Gas has announced investment plans in Italy worth a total of US$800mn over five years to develop and produce new-generation gas turbines and centrifugal compressors.

“Today’s signing is the natural consequence of a strategy that aims at boosting exports and to help emerging markets growth. This goes far beyond the scope of business, but it means to support future growth of these impacted countries,” says Lorenzo Simonelli, president and CEO of GE Oil & Gas.

Alessandro Castellano, Sace CEO, adds: “We are committed to boosting new export opportunities in high-potential markets, with positive impacts on the significant production processes and jobs generated in Italy by GE Oil & Gas and their partner small and medium enterprises.”