GENERAL ELECTRIC COMPANY

(GE)
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HRH Prince Abdulaziz Bin Salman Inaugurates GE MENA Decarbonization COE & Commemorates New Initiatives to Power Saudi Arabia Forward

05/19/2022 | 07:20am EDT

Dammam, Saudi Arabia; : Held under the patronage of HRH Prince Abdulaziz Bin Salman, Saudi Minister of Energy, GE Gas Power (NYSE: GE) hosted the exclusive 'Powering Saudi Arabia Forward' event at the GE Manufacturing & Technology Center (GEMTEC) campus in Dammam, Saudi Arabia. The event commemorated several milestone achievements, including the inauguration of the GE MENA Decarbonization Center of Excellence (COE); a celebration of over 10 years of operations at GEMTEC and more than 5 years at GE Saudi Advanced Turbines (GESAT), a Dussur-GE joint venture; and the announcement of key memoranda of understanding (MOUs) and initiatives that support critical goals under Saudi Vision 2030 and the Kingdom's net zero 2060 strategy.

Earlier this year, GE celebrated its 130th anniversary and the company has supported the development of the Kingdom's energy infrastructure for almost the past 90 years of its operations. The investment in the GEMTEC campus reflects GE's legacy of strong contributions and long-term commitment to the country. The facility houses a Service and Repairs Center for gas turbines; a Monitoring & Diagnostics Center for the remote monitoring of power generation assets; the GE MENA Decarbonization COE; as well as GE Saudi Advanced Turbines (GESAT), which is equipped to manufacture heavy duty gas turbines and components and furthers industrial localization efforts in the Kingdom.

GE has also invested considerable efforts in developing both talent and its supply chain in Saudi Arabia. Today, more than 60 percent of its workforce at the GEMTEC campus consists of Saudi nationals and the company has worked with hundreds of local suppliers. During the event, award ceremonies were held to recognize local talent with outstanding accomplishments who work at the GEMTEC campus, as well as key Saudi Arabia-based suppliers and partners who work with GE and excelled in the areas of prioritizing safety, quality, on-time delivery, maintaining competitiveness in an inflationary environment, and driving a culture of continuous improvement.

The new initiatives announced by GE at the event include the following:

- MOU with Aramco: Aramco and GE announced an MOU to develop a decarbonization roadmap that identifies possible solutions to reduce carbon emissions from the operations of Aramco's fleet of power generation assets. Under the MOU, the two organizations will collaborate in the field of advanced carbon capture solutions, including both existing and optimized solvent technology, as well as future technologies. In addition, both parties will explore the utilization of hydrogen as a primary fuel for the installed gas turbine fleet and conduct joint research on the use of ammonia as a power generation fuel. Furthermore, they will explore opportunities for new joint research and development (R&D) programs at the GE MENA Decarbonization COE in Dammam and other GE R&D facilities around the world.

- MOU with Saudi Electricity Company (SEC): SEC and GE announced an MOU to develop a decarbonization roadmap to explore pathways to the reduction of carbon emissions from the operations of SEC's fleet of gas turbines. Under the MOU, the two organizations will explore hydrogen-fueled power production, carbon capture solutions, and R&D initiatives to potentially reduce carbon emissions from power generation.

- R&D collaboration with SEC: Gas turbines operating in desert environments can be severely impacted when they ingest air contaminated with sand and dust particles. SEC and GE signed a research agreement related to sand ingress early detection and monitoring systems to potentially ensure higher reliability and availability of gas turbines and prevent catastrophic failures in desert and dusty environments.

- MOU with Dussur to expand capabilities at GE Saudi Advanced Turbines (GESAT): Dussur and GE intend to develop a roadmap to enhance the capabilities of GESAT to provide heavy duty gas turbine products and services for future gas power projects in Saudi Arabia. The MOU intends to facilitate further transfer of knowledge and capabilities within GESAT, increase the localization of products and services, and add value through meaningful job creation within the Kingdom.

- Order from Samsung C&T for gas turbines: Samsung C&T awarded GE and GESAT an order for three 7F.05 gas turbines for the Cogeneration Plant and Desalination Plant at Tanajib Project. Samsung C&T is the engineering, procurement, and construction (EPC) contractor for the project. The facility is expected to generate up to 940 megawatts (MW) of power, 1,084 tons per hour of steam, and 23,856 cubic meters of desalinated water per day once complete, contributing significantly to further strengthening the Kingdom's energy and water security.

"Saudi Arabia has a bold, transformative vision to drive progress, innovation, and sustainability. A little over a decade ago, we were excited to break ground on the GEMTEC campus, with the goal of supporting the country's growth ambitions. Today, we are delighted that GE is truly contributing to advancing the wider power sector ecosystem in the Kingdom through on-the-ground manufacturing and servicing capabilities, talent development, strengthening and training of local suppliers, and homegrown innovation from the GEMTEC campus," said Joseph Anis, President & CEO of GE Gas Power Europe, Middle East, and Africa. "The launch of the GE MENA Decarbonization Center of Excellence and the other initiatives announced show the commitment of our hardworking teams to continue building upon our past contributions. We are collaborating with customers and partners in the Kingdom to not only support the acceleration of the country's own transition to a more reliable, affordable, and sustainable energy future, but to also create and supply power solutions from Saudi Arabia to the world."

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(C) 2022 M2 COMMUNICATIONS, source M2 PressWIRE

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL ELECTRIC COMPANY -0.58% 66.343 Delayed Quote.-28.99%
SAUDI ELECTRICITY COMPANY -0.17% 23.3 End-of-day quote.-2.84%
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Financials (USD)
Sales 2022 75 990 M - -
Net income 2022 2 184 M - -
Net Debt 2022 15 295 M - -
P/E ratio 2022 34,9x
Yield 2022 0,54%
Capitalization 73 425 M 73 425 M -
EV / Sales 2022 1,17x
EV / Sales 2023 1,04x
Nbr of Employees 168 000
Free-Float 74,2%
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Number of Analysts 20
Last Close Price 66,71 $
Average target price 101,00 $
Spread / Average Target 51,4%
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Managers and Directors
H. Lawrence Culp Chairman & Chief Executive Officer
Carolina Dybeck-Happe Chief Financial Officer & Senior Vice President
Victor Abate Chief Technology Officer & Senior Vice President
Nancy Anderson Chief Information Officer & Vice President
Francisco D'Souza Independent Director
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