General Electric Co. (GE) disclosed more than $3 billion in new customer agreements in its energy business, with commitments in Brazil, Egypt, Australia, Iraq and other countries.
General Electric Co. (GE) disclosed more than $3 billion in new customer
agreements in its energy business, with commitments in
Brazil
,
Egypt
,
Australia
,
Iraq
and
other countries.
The announcement comes a week after the conglomerate said it had booked $1
billion in North American orders for its natural gas-powered generators so far
this year. GE is benefiting from low natural gas prices, stricter air-pollution
regulations and a slowly recovering
U.S.
economy.
The latest orders for the industrial conglomerate include more than $800
million in new commitments to supply wind and gas turbines for projects in
Brazil
, $300
million for gas turbines in
Egypt
and
an agreement in
Australia
to
provide technology for a floating liquefied natural gas platform. In
Iraq
, GE
was selected to aid oil recovery operations led by BP Iraq-N.V.-British
Petroleum (BP.LN, BP) and it signed a multiyear deal with Mass Global
Investment Company, an independent power producer in
Northern
Iraq
, to provide technology and services.
More than $1.5 billion in new commitments have come in for GE's new 1.6-100
megawatt wind turbines.
The company's stock closed down 0.2% at $16.18 on Monday and was trading at
$16.25 in premarket trading. As of Monday's close, the stock is down 12% this
year.
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