Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

GENERAL ELECTRIC COMPANY (GE)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

General Electric : Iraq Ministry of Oil and Baker Hughes, a GE company sign a contract for modular Natural Gas Liquids plant solution for flare gas recovery

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/17/2017 | 08:42pm CET

Baghdad, Iraq: July 17, 2017: Following extensive discussions, the Iraqi Ministry of Oil and Baker Hughes, a GE company (BHGE) signed a contract for fast-track solutions to help the recovery of flare gas in line with the country's strategy for energy sector development.

An advanced modular gas processing (NGL) plant has been recommended for Nassiriya as part of the initiative by Baker Hughes, a GE company, which is the first and only company in the world to provide a full-stream offering covering products, services and digital solutions for the oil and gas sector, from upstream to midstream and downstream.

As per the agreement, Baker Hughes, a GE company, will develop advanced solutions for flare gas at the Nassiriya and Al Gharraf oilfields, using modular gas processing technology developed in United States, with the project to be undertaken in two stages. In the first stage, the advanced modular gas processing solution will be deployed to dehydrate and compress flare gas to generate over 100 million standard cubic feet per day (MMSCFD) of gas.

The Nassiriya plant will be then expanded to be a complete natural gas liquid (NGL) facility to recover 200 MMSCFD of dry gas, liquefied petroleum gas (LPG) and condensate. The project will create direct and indirect jobs for Iraqis and help grow the local supply chain requirements that supports Iraqi small and medium enterprises.

The modular solution will also support power plants with dry gas for efficient power generation, thus helping meet the growing demand for electricity using clean fuel. The project will also contribute to curtailing the amount of gas flared in the fields of Nassiriya and Gharraf that otherwise goes waste.

The hundreds of thousands of tons per year of LPG and condensates produced will help to meet the domestic demand for cooking gas. The surplus LPG and condensate will be exported, generating high revenue to the Iraqi government. Contributing to the social and economic development of Nassiriya, the project is aligned with the vision of the Ministry of Oil and the government.

His Excellency Jabbar Al-Luaibi, the Iraq Minister of Oil, said that the Ministry is moving ahead to implement its strategic plans to secure financial revenue to the treasury of the Iraqi state and to develop the oil industry. The statement came at the ceremony hosted by the Ministry to sign a contract for the project to invest in an optimum solution to recover flare gas in the fields of Nassiriya and Gharraf with Baker Hughes, a GE Company.

Rami Qasem, President, MENAT and India, Baker Hughes, a GE Company, said: 'The Iraqi Ministry of Oil has outlined a clear vision and strategy to maximize the utilization of natural resources, especially gas. As a full-stream company that combines physical and digital strengths to increase reliability and uptime across the entire spectrum of oil and gas development, we bring advanced solutions that can support in transforming the industry and contribute to all-round development through our in-country investments in Iraq. We are committed to supporting the Ministry of Oil in its strategic goals, and in deploying advanced flare gas solutions and to build the country's oil and gas infrastructure. From industrial to economic and environmental benefits our solutions will create long-term value for the country.'

Last year, BHGE had signed a first-of-its-kind partnership agreement with the Ministry of Oil to strengthen the performance of the Iraq energy sector by providing advanced equipment, technology upgrades, maintenance of the Ministry of Oil fleet and ensuring knowledge transfer, skills development and local jobs.

BHGE has also strengthened its localization initiatives in Iraq with the expansion of its technical services facility in North Rumaila oilfield. It offers a wide range of testing, repair and refurbishment services for its customers in the country as well as undertakes fabrication and assembly of key products establishing BHGE as a complete technical solutions provider.

With three offices in Iraq - Baghdad, Erbil and the Basra - GE continues to deliver its latest technology and expertise to local customers. The company has more than 350 employees currently, nearly 95 per cent of them Iraqi professionals.

-ends-

Join the conversation at our GE Hewar blog: http://middleeast.geblogs.com/

About Baker Hughes, a GE company

Baker Hughes, a GE company (NYSE: BHGE) is the world's first and only fullstream provider of integrated oilfield products, services and digital solutions. We deploy minds and machines to enhance customer productivity, safety and environmental stewardship, while minimizing costs and risks at every step of the energy value chain. With operations in over 120 countries, we infuse over a century of experience with the spirit of a startup - inventing smarter ways to bring energy to the world.

Visit us at BHGE.com.

For more information, please contact:

Ulviyya Hasanzade

Communications Leader, MENAT, BHGE

+971 48173760

[email protected]

Kelly Home | Nivine William

ASDA'A Burson-Marsteller

+9714 4507 600

[email protected] | [email protected]

GE - General Electric Company published this content on 17 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 July 2017 18:42:04 UTC.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GENERAL ELECTRIC COMPANY
01:58pGENERAL ELECTRIC : GE Healthcare Named to Fast Company's Top 10 Most Innovative ..
AQ
12:11pGENERAL ELECTRIC : GE Healthcare Named to Fast Company’s Top 10 Most Innov..
PU
05:41aASEAN’S ENERGY FUTURE : Six Factors That Will Determine Belt And Road Succ..
PU
02/19GENERAL ELECTRIC : Baker Hughes seeking to increase investments in Egypt
AQ
02/19Siemens Healthineers on track for March IPO
RE
02/19LIGHTS, ELECTRICITY, ACTION : When Ronald Reagan Hosted “General Electric ..
PU
02/19GENERAL ELECTRIC : Visiting General Electric execs stress importance of coal
AQ
02/19DATA AGAINST DEHYDRATION : This Wireless Sweat Patch App Could Help Athletes, Ai..
PU
02/18GENERAL ELECTRIC : GE Transportation By Jim Martin
AQ
02/17GENERAL ELECTRIC : wins tender for 12 locomotives for upcountry railway line
AQ
More news
News from SeekingAlpha
02/19Why Would Any Company Want GE's Industrial Gas Engine Problem? 
02/17STOCKS TO WATCH : Retail Heavyweights To Center Stage 
02/16REUTERS : GE exploring sale of industrial gas engine business 
02/16Shareholder lawsuit says GE concealed insurance shortfall, SEC probe 
02/16How Did GE Mess Up Its Alstom Power Acquisition? 
Financials ($)
Sales 2018 123 B
EBIT 2018 12 138 M
Net income 2018 7 761 M
Debt 2018 62 768 M
Yield 2018 3,19%
P/E ratio 2018 17,85
P/E ratio 2019 16,42
EV / Sales 2018 1,57x
EV / Sales 2019 1,53x
Capitalization 131 B
Chart GENERAL ELECTRIC COMPANY
Duration : Period :
General Electric Company Technical Analysis Chart | GE | US3696041033 | 4-Traders
Technical analysis trends GENERAL ELECTRIC COMPANY
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 18,6 $
Spread / Average Target 23%
EPS Revisions
Managers
NameTitle
John L. Flannery Chairman & Chief Executive Officer
Daniel Janki Treasurer & Senior VP-Global Operations
Jamie S. Miller Chief Financial Officer
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
Sector and Competitors
1st jan.Capitalization (M$)
GENERAL ELECTRIC COMPANY-14.61%130 515
3M-1.43%140 937
SIEMENS-5.21%116 461
HONEYWELL INTERNATIONAL-1.94%115 831
ILLINOIS TOOL WORKS-2.63%55 518
JARDINE MATHESON HOLDINGS LIMITED1.62%45 057