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GE Gets LNG Contract
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ShareThe Oil & Gas business of General Electric Co. (GE - Analyst Report) has entered into a supply and service agreement for the development of Papua New Guinea (PNG) LNG project. The project involves improvement of gas production and processing facilities of the plant. The project also includes development of onshore and offshore pipelines and liquefaction facilities with annual capacity of 6.6 million tons.
The company will be providing long-term service to PNG LNG and will deliver PGT25+G4 gas turbines and centrifugal compressors, to be used in two LNG trains at the Hides gas conditioning plant. The contract involves maintenance of thirteen turbo compressor trains.
General Electric will be working on the project together with Exxon Mobil Corporation (XOM - Analyst Report), Oil Search Limited, Independent Public Business Corporation, Santos Limited, Nippon Oil Exploration, Mineral Resources Development Company and Petromin PNG Holdings Limited.
General Electric Oil & Gas supplies mission critical equipment for the global oil and gas industry, used in applications spanning the entire value chain from drilling, completion of production, transportation and pipeline inspection. Besides, it also includes downstream processing in refineries and petrochemical plants.
General Electric has one of the best infrastructure franchises worldwide with solid organic growth rates, exposure to favorable secular trends and a large installed base supporting a growing annuity-like service business. Infrastructure businesses of the company are helping to build energy, health, transportation and technology infrastructure of the new century. These businesses provide products and services that help the developing regions to participate in the global economy, while also assisting the developed regions to upgrade with cleaner, more efficient and better infrastructure technologies.
However, the company’s global expansion is subject to economic and political risks pertaining to various operating geographies.
Operating in more than 100 countries globally and employing about 300,000 people worldwide, General Electric Co. is a diversified infrastructure, finance and media company. Within the energy sector, the company aims to develop and install technology for the efficient use of natural resources. The major competitors of General Electric are Honeywell International Inc. (HON - Analyst Report), Siemens AG (SI - Analyst Report) and United Technologies Corp. ( UTX - Analyst Report ).
We currently maintain our Neutral rating on General Electric, with a Zacks #3 Rank over the next one-to-three months.
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