GE gets $1B in orders in Saudi Arabia |
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Wed, 31 Jan 2007 17:14
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ATLANTA, Ga. (AFX) - General Electric Co. said Wednesday it received new orders totaling $1 billion for two power and water desalination projects in Saudi Arabia.The company will supply gas turbines, steam turbines and other equipment, design and engineering, testing, training and project management services for the Marafiq power generation and water desalination project in the nation's Eastern Province. The plant is expected to produce 2,740 megawatts capacity with steam extraction for desalination.The company expects to ship the equipment for this project from February 2008 to the end of January 2009. It is working with several Saudi Arabian companies on the Marafiq project.GE is also working with the Saudi Electricity Company to supply gas turbines, technical advisory services and performance testing for the Riyadh Power Plant 9 project. The project would expand the plant's power generation capacity by more than 660 megawatts, which is needed to offset an expected power shortfall in central Saudi Arabia. Gas turbines are expected to be shipped later this year.GE's facilities in Greenville, S.C., will manufacture the gas turbines for both projects while the steam turbines for the Marafiq project will be built in Schenectady, N.Y.'Saudi Arabia's electricity use has been increasing at a rate of about seven percent a year and the Industry and Electricity Ministry estimates that the Kingdom will require up to 20 gigawatts of additional power generating capacity by the year 2019,' Abdullah Taibah, GE Energy's region executive, said in a statement. 'We are committed to helping our customers in Saudi Arabia meet this demand for reliable power.'In December, GE signed three contracts totaling more than $950 million with the Saudi Electricity Company for three other power plants. GE said it will get additional service contracts covering maintenance activities for these projects.GE shares fell 3 cents to $36 in morning trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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