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MarketScreener Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

GENERAL ELECTRIC COMPANY

(GE)
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General Electric : Russia's Inter RAO says seeks gas turbines deal with GE by October

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03/30/2019 | 06:38am EDT
FILE PHOTO: The logo of US conglomerate General Electric is pictured at the company's site of its energy branch in Belfort

KRASNOYARSK, Russia (Reuters) - The chief executive of Russia's Inter RAO said on Saturday the energy holding hoped to reach a deal with General Electric Co by October to produce powerful gas turbines in Russia, either as a joint venture or by buying a licence from GE.

Russia, which does not currently produce mid- or high-power gas-fired power turbines, recently launched a 1.9 trillion rouble ($29 billion) programme to modernise a quarter of its power generation, or 41 gigawatt of coal- and gas-based plants.

It is seen as a rare opportunity for Western producers amid falling global demand for gas turbines in recent years, but Moscow has said investors must only use fully localised -- domestically produced -- equipment as part of a local content push.

Inter RAO CEO Boris Kovalchuk said the modernization programme would open a large market for GE for 10 years.

"We hope to reach all the agreements with them within half a year," Kovalchuk told reporters during a conference in the Siberian city of Krasnoyarsk.

A plant jointly owned by Inter RAO, GE and Russian state conglomerate Rostec produces 77-megawatt turbines in Russia's central region of Yaroslavl.

The ongoing talks between GE and Inter RAO are for the local production of 185-195 megawatt turbines. Inter RAO may purchase Rostec's stake in the plant as part of the deal with GE, Kovalchuk added.

A joint venture between Siemens and Russian firm Power Machines is already producing turbines in Russia. Siemens, which owns a 65-percent stake in the venture, has pledged to raise the level of localisation in the production process.

Russian state-controlled firms -- Rostec, Rosnano and Inter RAO -- have been trying to create their own gas turbine production but their prototype project failed testing, sources, familiar with the matter, told Reuters a year ago.

Kovalchuk said on Saturday that the project was continuing, and that Inter RAO had passed the second turbine to the project's operator for improvement.

(Reporting by Anastasia Lyrchikova; Writing by Polina Devitt; Editing by Helen Popper)

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL ELECTRIC COMPANY -2.46% 6.73 Delayed Quote.-39.70%
INTER RAO UES 4.75% 4.9225 End-of-day quote.3.53%
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Financials (USD)
Sales 2020 88 565 M
EBIT 2020 9 354 M
Net income 2020 3 192 M
Debt 2020 12 312 M
Yield 2020 0,58%
P/E ratio 2020 18,1x
P/E ratio 2021 11,4x
EV / Sales2020 0,82x
EV / Sales2021 0,76x
Capitalization 60 315 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 11,56  $
Last Close Price 6,90  $
Spread / Highest target 117%
Spread / Average Target 67,5%
Spread / Lowest Target -13,0%
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H. Lawrence Culp Chairman & Chief Executive Officer
Carolina Dybeck-Happe Chief Financial Officer & Senior Vice President
Victor Abate Chief Technology Officer & Senior Vice President
James S. Tisch Independent Director
Francisco D'Souza Independent Director
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