GE Invests $100m into Saudi Oil And Gas

26 May 2015
General Electric (GE) is to invest an additional $100 million into the oil and gas sector in Saudi Arabia.

According to the company’s announcement, the investment will see the creation of new programs to help GE’s localisation plans, create jobs in advanced manufacturing and software analytics, and build innovation capacity.

It aligns GE with Saudi Arabia ambitions to establish Saudi Arabia as a regional manufacturing hub for advanced gas turbines, as well as diversify the economy, develop manufacturing and build next-generation skill-sets.

GE has already invested $1 billion in Saudi Arabia over the last three years. The company intends to expand its facilities in the region, producing hyper-efficient HA gas turbines at its centre in Dammam.

The Oil and Gas Facility, also in Dammam, will manufacture wellheads and other pressure control technologies, alongside performance services repair capabilities. There are also plans to create a first-of-its-kind LED manufacturing facility in the region.

In addition to the new investment GE has announced collaborations with two Saudi universities. With the King Abdullah University of Science and Technology, it will focus on material testing and combustion research. The partnership will support development of gas turbines to be created in the region.

The King Fahd University of Petroleum & Minerals will work with GE on advanced prototyping and additive manufacturing to develop and create enhanced technologies in the upstream and downstream sectors, with the intention of increasing efficiency and production.

This includes the next generation of down-hole technology and Electric Submersible Pump, which could revolutionise the industry not only in the Saudi Arabian region but globally.

Saudi Arabia is the world's largest crude oil exporter. Ironically, the kingdom's oil minister Ali al-Naimi predicted this month (May) that the kingdom could phase out the use of fossil fuels within decades.

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