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Baker Hughes, Sonatrach to Construct Oil Equipment Plant
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Baker Hughes, part of GE , and Algerian State energy company, Sonatrach, have proposed to set up a joint venture (JV).
Per the deal, the companies will construct an oil equipment plant in Algeria at an estimated cost of $45 million. Manufacturing, assembly and maintenance for various types of oilfield equipment will be provided by the JV. This will result in the formation of an important base, which will meet Algeria’s rising domestic needs and fulfill requirements for exports.
The project, to be based in Azrew in western Algeria, is expected to come online in December 2019. Sonatrach will hold a 51% stake in the project, while the remaining 49% will be owned by BHGE.
About the Companies
Being the world’s first and only company to provide integrated oilfield products, services and digital solutions, Baker Hughes strives to boost efficiency across the oil and gas value chain. The company operates in over 120 countries.
An Algerian government-owned company, Sonatrach was created with the intent to discover hydrocarbon resources. It enjoys some concessions in Libya, Mauritania, Peru, Yemen and Venezuela. The company is mainly engaged in all aspects of production, including exploration, extraction, transportation and refining. Recently, Sonatrach diversified its operations into petrochemistry and the desalination of seawater.
Price Movement
The company’s shares have lost 3.8% as against the industry’s rally of 5% over the last three months.
The largest petrochemical operator in Latin America, Braskem, delivered a positive earnings surprise of 68.54% in the preceding quarter.
ConocoPhillips, based in Houston, TX, is a major global exploration and production (E&P) company. It delivered an average positive earnings surprise of 152.34% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an earnings surprise of 100.00% in the preceding quarter.
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With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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Baker Hughes, Sonatrach to Construct Oil Equipment Plant
Baker Hughes, part of GE , and Algerian State energy company, Sonatrach, have proposed to set up a joint venture (JV).
Per the deal, the companies will construct an oil equipment plant in Algeria at an estimated cost of $45 million. Manufacturing, assembly and maintenance for various types of oilfield equipment will be provided by the JV. This will result in the formation of an important base, which will meet Algeria’s rising domestic needs and fulfill requirements for exports.
The project, to be based in Azrew in western Algeria, is expected to come online in December 2019. Sonatrach will hold a 51% stake in the project, while the remaining 49% will be owned by BHGE.
About the Companies
Being the world’s first and only company to provide integrated oilfield products, services and digital solutions, Baker Hughes strives to boost efficiency across the oil and gas value chain. The company operates in over 120 countries.
An Algerian government-owned company, Sonatrach was created with the intent to discover hydrocarbon resources. It enjoys some concessions in Libya, Mauritania, Peru, Yemen and Venezuela. The company is mainly engaged in all aspects of production, including exploration, extraction, transportation and refining. Recently, Sonatrach diversified its operations into petrochemistry and the desalination of seawater.
Price Movement
The company’s shares have lost 3.8% as against the industry’s rally of 5% over the last three months.
Zacks Rank & Key Picks
Baker Hughes currently carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector are Braskem SA (BAK - Free Report) , ConocoPhillips (COP - Free Report) and Northern Oil and Gas Inc (NOG - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The largest petrochemical operator in Latin America, Braskem, delivered a positive earnings surprise of 68.54% in the preceding quarter.
ConocoPhillips, based in Houston, TX, is a major global exploration and production (E&P) company. It delivered an average positive earnings surprise of 152.34% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an earnings surprise of 100.00% in the preceding quarter.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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