• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 29 mins Shale Oil will it self destruct?
  • 3 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 22 hours Excellent Choice: Germany's Von der Leyen Secures Powerful EU Executive Top Job
  • 3 hours Today in Energy
  • 3 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 1 hour Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 hours Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 20 hours Migration From Eastern Europe Raises German Population To Record High
  • 13 hours Washington Post hit piece attacking oil, Christians and Trump
  • 1 day White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 1 day Germany exits coal: A model for Asia?
  • 1 day Starlink Internet Courtesy of Tesla
  • 6 hours Why Natural Gas is Natural
Alt Text

Oil Falls Back As Iran Risk Factor Fades

Oil prices started the week…

Alt Text

Global Energy Advisory 12th July 2019

The supply/demand balance in oil…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Premium Content

Saudis Move Away from Crude with $1.4B In Deals With GE

Even as the International Monetary Fund (IMF) lent its backing to Saudi Arabia’s economic reform to diversify away from crude oil this week, General Electric (GE) accounted a series of deals with Saudi Arabia worth over US$1.4 billion to boost the kingdom’s manufacturing industry.

Some US$1 billion worth of these deals are with the Saudi Arabian Industrial Investments Co., while around US$400 million is earmarked for a forging and casting manufacturing facility that will cater to the marine and energy industries. For this project, GE will be joining forces with Saudi state-owned oil giant Aramco.

GE also signed a memorandum of understanding to invest US$1 billion jointly with a major Saudi entity into water and aviation, among other segments, by 2017, according to the Wall Street Journal. Related: The Biggest Winner Of The Oil Bust: Interview With Aeromexico

GE has also intimated that there may be US$2 billion more in projects after this, the Boston Globe reported.

‘‘Together, we will create quality jobs for Saudi youth, ... boost exports, enhance economic competitiveness and support the vision and aspirations of Saudi Arabia,’’ GE Chairman and CEO Jeffrey Immelt said in a statement carried by the Boston Globe. Related: Argentina Makes Good On Debts With These Energy Giants

GE presently employs some 2,000 people in Saudi Arabia across seven major facilities and three offices. Its portfolio here also includes the largest gas turbine service facility in the world, launched in 2011.

On Thursday, the IMF came out publicly with support for Saudi Arabia’s economic reform plan while it deals with a budget deficit of US$98 billion in 2015, calling it “an appropriately bold and far-reaching transformation of the Saudi Arabian economy.”

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play