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FINANCIAL NEWS
Saudi Aramco awards $500m deals to GE
14 Dec 2010
(MENAFN) Saudi Arabia’s state oil company, Saudi Aramco announced that it has awarded deals to US-based General Electric (GE), valued at $500 million, for the provision of equipment and services to a remote oil field in Saudi Arabia, AP reported.
Under the contract, GE is tasked with outfitting the Shaybah oil field with 11 gas turbine generators and other equipment to bolster power supply at the site, and expand output by another quarter million barrels per day (bpd), in addition to boosting the processing of natural gas into liquid form for petrochemical uses.
In the first half of 2012, GE plans to ship the equipment to Shaybah, which sits in a remote region in the southeastern part of Saudi Arabia and has the capacity to produce an average of 750,000 bpd.
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