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

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 CEST

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
07:15a GENERAL ELECTRIC : Uzbekistan, U.S. sign agreements worth $2.6 billion
03:17a GENERAL ELECTRIC : GE is said to near sale of industrial-solutions unit to ABB
09/22 GENERAL ELECTRIC : MILITARY $335,200 Federal Contract Awarded to General Electri..
09/22 GENERAL ELECTRIC : Airworthiness Directives; General Electric Company Turboshaft..
09/22 GE NEARS SALE OF ITS INDUSTRIAL UNIT : Bloomberg
09/22 ABB : GE nears sale of its industrial unit to ABB - Bloomberg
09/21 GENERAL ELECTRIC : Trademark Application for "FAST TRAK" Filed by General Electr..
09/21 GENERAL ELECTRIC : An Application for the Trademark "SHIFTREWARDS" Has Been File..
09/21 GENERAL ELECTRIC : U.S. Patents Awarded to Inventors in New York (Sept. 21)
09/21 GENERAL ELECTRIC : Patent Issued for Process for Preventing Rotating Stall and S..
More news
News from SeekingAlpha
09/22 GE seen working deal to sell unit to ABB
09/22 GE : Just Pump The Brakes, At Least For The Time Being
09/22 GE's Road To Recovery
09/21 BUYING STOCKS FOR A DIVIDEND GROWTH : Postscript A
09/21 WALL STREET BREAKFAST : Fed Sets Stage For Next Rate Hike
Financials ($)
Sales 2017 126 B
EBIT 2017 16 486 M
Net income 2017 12 051 M
Debt 2017 66 674 M
Yield 2017 3,88%
P/E ratio 2017 18,72
P/E ratio 2018 15,42
EV / Sales 2017 2,24x
EV / Sales 2018 1,98x
Capitalization 215 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
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 28,6 $
Spread / Average Target 15%
EPS Revisions
Managers
NameTitle
John L. Flannery Chief Executive Officer & Director
Jeffrey R. Immelt Chairman
Daniel Janki Treasurer & Senior VP-Global Operations
Jeffrey S. Bornstein Chief Financial Officer
Jim Fowler Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
GENERAL ELECTRIC COMPANY-21.68%215 323
3M17.85%125 584
SIEMENS0.56%119 415
HONEYWELL INTERNATIONAL19.72%107 134
ILLINOIS TOOL WORKS INC.20.32%50 707
JARDINE STRATEGIC HOLDINGS LIMITED34.25%49 446