The crude oil price drop in 2015-2016 was the trigger responsible for setting a new scenario in the Oil & Gas industry. Many end-users placed their investments on hold and supply chain teams have been challenged to find alternative vendors able to meet the most demanding international technical standards and service requirements, but at the same time being more competitive. This was a very important action item to unlock investments and WEG proved to be a perfect fit to many industry players.
Multiple International Oil Companies (IOCs) and National Oil Companies (NOCs) have been increasing business with WEG for their projects implemented worldwide. Included in this list are major companies from USA, Norway, Algeria, Kuwait, Malaysia and South Africa. A global support structure and a comprehensive IEC/NEMA balanced portfolio put WEG in a position to support its customers in almost every single investment, regardless of its location.
As part of the strategy to expand business in Oil & Gas, WEG has a dedicated team working with end-users and engineering contractors since 2015. This globally integrated business development team works side-by-side with our customers to provide upfront support on strategic projects and tailor-made solutions for their equipment needs. “We are proud to have resourceful engineering, flexible manufacturing, and a global presence that allows WEG to offer creative and competitive solutions to help our customers solve their problems in this ever challenging Oil & Gas business”, says Elder Stringari, WEG's Oil & Gas Manager.
With revenues of about R$9.5 billion in 2017, WEG has built and counts on a large base of international customers and sees this strategy as a natural way of expanding its global business. Founded in 1961, the company has manufacturing facilities established in 12 countries and does business in 135 countries. Referring to its exports activities, Elder states that WEG is not a newcomer to the subject. "The globalization process of the WEG business began several years ago and the development of the Oil & Gas business went naturally along with the overseas business expansion and growth.”