General Electric Co. (GE: 14.94 +0.11 +0.74%) becomes a part of the Salalah Independent Water & Power Project (IWPP) in the Dhofar region of southern Oman. The multiple contacts awarded to the company are valued at approximately $300 million.General Electric will work with Oman Power and Water Procurement Company, providing its advanced 6FA gas turbines to the project in Salalah, Muscat. Following the completion of the plant, the company will continue to provide its services to the industrial unit for fifteen years.
With a planned capacity of 445 megawatts of electricity and 15 million gallons of desalinated water per day, the plant will be a great solution for the growing requirement of clean water and power supply of in the area. This will eventually lead to social and economic development of the region, improving the standards of living of the people.
General Electric has been working on a number of projects in the Middle East, with the Salalah project being an addition to its scope of activity there. About 70 gigawatts of electricity currently generated in the Middle East are through plants using the company’s turbines.
There has been a surge in the worldwide demand for plants which can generate power as well as clean water at a single site and General Electric provides leading innovative solutions for these industrial units. The company’s 6FA gas turbines because of their operational efficiency and flexibility are being used in a number of projects in about 30 countries worldwide, providing solutions for safe water supply and power.
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 from the company are helping to build the energy, health, transportation and technology infrastructure of the new century. These businesses provide the products and services that help developing regions participate in the global economy, while also assisting developed regions 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: 41.2571 +0.5271 +1.29%), Siemens AG (SI: 93.07 -1.36 -1.44%) and United Technologies Corp.(UTX: 67.40 +0.17 +0.25%).
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