Back to top

Image: Bigstock

General Electric's (GE) Arm to Provide Power Services in Iraq

Read MoreHide Full Article

General Electric Company’s (GE - Free Report) arm GE Gas Power has secured a 16-year deal from Taurus Arm to supply parts, and provide repair and maintenance services for two 9F.04 gas turbines of Taurus Arm’s 500-megawatt (MW) Bazyan Power Plant located in Iraq.

The Bazyan facility is based in the province of Sulaymaniyah. Under a fast-track project, General Electric provided the turbines to Taurus Arm in 2021. The turbines were delivered to the site within months of notice to proceed.

The Bazyan Power Plant supplies essential electricity to the Northern areas of Iraq, including Mosul, Kirkuk and Salahaldin, the Kurdistan region, and other parts of Iraq. This collaboration between the two companies will likely ensure efficiency of the plant.

Per the terms of the contract, GE Digital will provide its Asset Performance Management (APM) software, which will cut down on costs and operational risks along with increasing the reliability and availability of the turbine units.

Recently, GE Gas Power has clinched a similar 10-year deal from Sohar Aluminium to deliver parts, and provide repairs and maintenance services for four GT13E2 gas turbines and four generators located at the latter’s site in the Sultanate of Oman.

The four units are capable of generating up to 96 megawatts (MW) of electricity. The electricity produced is utilized to power the smelter of Sohar Aluminium. Services offered by GE will likely increase the reliability of the units and ensure easy availability of the gas turbines. Also, the operational risks will be nominal, thus augmenting the smelter’s productivity.

Zacks Rank & Stocks to Consider

GE currently carries a Zacks Rank #3 (Hold). Some better-ranked companies are discussed below:

Carlisle Companies (CSL - Free Report) sports a Zacks Rank #1 (Strong Buy), currently. CSL pulled off a trailing four-quarter earnings surprise of 28%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.

In the past 60 days, Carlisle’s earnings estimates have increased 14.7% for 2022. The stock has rallied 22.8% in the past six months.

Greif, Inc. (GEF - Free Report) presently has a Zacks Rank #2 (Buy). GEF delivered a trailing four-quarter earnings surprise of 22.4%, on average.

GEF’s earnings estimates have increased 4.6% for fiscal 2022 (ending October 2022) in the past 60 days. Its shares have risen 10.4% in the past six months.

Valmont Industries, Inc. (VMI - Free Report) presently has a Zacks Rank of 2. VMI’s earnings surprise in the last four quarters was 13.7%, on average.

In the past 60 days, Valmont’s earnings estimates have increased 3.8% for 2022. The stock has rallied 18.6% in the past six months.

Published in