IN BRIEF: GE and Shell sign agreement to reduce carbon intensity

General Electric Co - Boston, Massachusetts-based industrial conglomerate - Says GE Gas Power and Shell Global Solutions have signed a development agreement to pursue potential pathways aiming to reduce the carbon intensity of Shell's liquefied natural gas supply projects. Says global LNG demand projected to almost double by 2040. Explains that the largest source of emissions in an LNG facility stems from firing natural gas in the power generation and mechanical drive gas turbines, and therefore one of the ways to decarbonise LNG production is to use hydrogen as a low carbon fuel in these engines.

"We look forward to working in cooperation with Shell to advance this crucial body of work. Together, we're confident our combined strengths of Shell, GE, and Baker Hughes, who is exclusive distributor of certain heavy duty gas turbines and services in the oil & gas segment, can accelerate the deployment of pragmatic and impactful solutions towards high-hydrogen capabilities in these gas turbines fleets resulting in a significant reduction of carbon emissions and water utilization globally," says John Intile, vice president of Engineering at GE Gas Power.

Current GE stock price: USD81.07 in New York

12-month change: down 25%

Current Shell stock price: 2,486.13 pence each, down 1.6% on Monday morning in London

12-month change: up 47%

By Sophie Rose; [e-mail]

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