GE Oil and Gas eyes opportunities in Iran

21 November, 2015
Source: Gulf News

GE Oil & Gas sees opportunities in Iran as the country gets ready to welcome global companies after reaching a historical nuclear deal with six major world powers in July this year.

“We have been in Iran previously before the sanctions and as the sanctions get lifted, we will go back in and will provide assistance,” Lorenzo Simonelli, President & CEO of GE Oil & Gas told Gulf News in an exclusive interview.

“I see the potential from an infrastructure perspective as the sanctions get lifted. We already have some installed base-related to knowing the field and also having prior equipment there but we’ve got to wait for Iran to open up and sanctions are lifted,” he added.

The company is investing in Egypt and Saudi Arabia as part of its expansion plans. In March, GE announced $200 million investment in Egypt to focus on power generation, renewables, water, oil & gas, aviation and rail transportation.

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