ITT Signs Corporate Procurement Agreement with Saudi Aramco

DHAHRAN, Saudi Arabia - Tuesday, June 28th 2011 [ME NewsWire]

(BUSINESS WIRE)-- Saudi Arabian Oil Company (Saudi Aramco) and ITT Corporation (NYSE: ITT) announced today that they have signed a comprehensive seven-year strategic partnership agreement for ITT to provide products and services to the world’s largest oil producer for oil, gas and petrochemical projects in Saudi Arabia and internationally. The agreement was signed by Munir Rafie, vice president Materials Supply of Saudi Aramco and Robert Pagano Jr., president of ITT’s Industrial Process business.

Under this agreement, which comes into effect immediately, ITT and its partner Aswad Group will provide products — including Goulds pumps, BIW well-head connectors, ProSmart® predictive condition monitoring systems and PumpSmart® advanced pump controls — and services through ITT Saudi Co. Ltd, ITT’s local manufacturing and service operation, located in Dammam Second Industrial City.

ITT Saudi will provide professional expertise to support start up and commissioning of all types of pumping systems. ITT Saudi will also provide expert aftermarket services to support Saudi Aramco’s operations through ITT PRO Services® and Plant Performance Services programs, which are designed to help customers lower total cost of ownership, minimize downtime and increase equipment reliability.

The agreement also covers several strategic initiatives, including a program whereby ITT will support the Kingdom of Saudi Arabia’s Saudization efforts to enhance local industrial manufacturing capability, develop local supply chains and improve overall plant performance for Saudi customers.

“This agreement and our partnership with Saudi Aramco is a significant milestone in our oil and gas sector growth plans,” said Pagano. “The oil and gas industry is now the largest segment of our Industrial Process business, and we are proud to bring our highly customized solutions and applied engineering expertise to customers in this growing global market.”

ITT Saudi has a world class manufacturing and Pro Service center in Dammam. The facility is equipped with the latest technology, including a fully automated test stand for horizontal and vertical pumps widely used in the oil and gas industry. The factory is approved as both a pump manufacturer and service operation by all major Industrial Process customers in Saudi Arabia, and specifically by Saudi Aramco’s inspection and Materials Supply and Services Division (MSSD).

“ITT’s continued investment in this factory represents a firm and long-term commitment to support customers in Saudi Arabia and the Saudization program, with the goal of employing the highest percentage possible of Saudi national employees,” said Pagano. ITT Saudi will also feature a complete and modern training center on its premises, including hands-on labs and classrooms, with the objective to raise the technical and mechanical expertise, both internally and externally.

ITT Industrial Process has an extensive portfolio of leading-edge technology in pumping systems, valves, monitoring and control systems, as well as aftermarket services that have served customers in the oil and gas, mining, chemical, power generation, biopharmaceutical, general industries markets and more for over 160 years. The division provides solutions tailored to customers’ needs specifically to lower total cost of ownership and improve plant uptime. These solutions are provided under global brands including Goulds Pumps, Fabri-Valve®, Pure-Flo®, Skotch®, C'Treat, PumpSmart, ProSmart, Plant Performance Services and PRO Services.

About Saudi Aramco

Owned by the Saudi Arabian Government, Saudi Aramco is a fully-integrated, global petroleum enterprise and a world leader in exploration and producing, refining, distribution, shipping, marketing and petrochemicals manufacturing. The Company manages the largest proven reserves of conventional crude oil, 260.1 billion barrels, the fourth-largest gas reserves in the world, 279 trillion cubic feet, and produced 7.9 million barrels per day in 2010. Saudi Aramco, through its affiliate, Vela International Marine Limited, owns and operates the world's second largest tanker fleet to help transport crude and refined products, which amounted to 2.1 million barrels per day in 2010. In addition to its headquarters in Dhahran, Saudi Arabia, Saudi Aramco, through its affiliates, has joint ventures and subsidiary offices in China, Japan, India, the Netherlands, the Republic of Korea, Singapore, the United Arab Emirates, the United Kingdom and the United States. Saudi Aramco also refines and distributes oil products throughout the Kingdom of Saudi Arabia to meet domestic daily energy demands. For more information, please go to www.saudiaramco.com.

About ITT Corporation

ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2010 revenue of $11 billion. www.itt.com.

Contacts

ITT Corporation

Margaret Gan,

+1 315 568 7124

margaret.gan@itt.com



B.J. Talley,

+1 914 641 2194

william.talley@itt.com