Get 40% Off
💎 WSM is up +52.1% since our AI picked it in December! Unlock all premium stock picksUnlock now

GE signs power agreements worth over $1.2 billion with Iraq

Published 08/19/2020, 06:28 PM
Updated 08/19/2020, 06:30 PM
© Reuters. FILE PHOTO: The General Electric Co. logo is seen on the company's corporate headquarters building in Boston

© Reuters. FILE PHOTO: The General Electric Co. logo is seen on the company's corporate headquarters building in Boston

(Reuters) - General Electric Co (N:GE) said it had signed two new agreements valued at over $1.2 billion with the Iraqi Ministry of Electricity, to undertake maintenance programs across key power plants in the country and bolster its transmission network.

The U.S. conglomerate was also working with multiple export credit agencies to facilitate financing of more than $1 billion for the projects, it said in a statement https://www.ge.com/news/press-releases/ge-scale-power-stability-through-two-new-agreements-iraqi-ministry-electricity on Wednesday.

The deals come as U.S. companies plan to unveil investments and agreements with Iraq's government during Iraqi Prime Minister Mustafa al-Kadhimi's first visit to the White House on Thursday.

Oil company Chevron Corp (N:CVX) is expected to sign an agreement with Iraq on Wednesday to develop one of the country's large oil fields.

According to a Wall Street Journal report on Monday, U.S. and Iraqi officials also intend to unveil progress toward finalizing natural gas and power-technology deals with Honeywell International Inc (N:HON) and Stellar Energy.

© Reuters. FILE PHOTO: The General Electric Co. logo is seen on the company's corporate headquarters building in Boston

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.