GE ex­plores oil and gas busi­ness in Iran

The Pak Banker - - COMPANIES/BOSS -

YORK: Elec­tric Co (GE.N) ex­plor­ing po­ten­tial busi­ness op­por­tu­ni­ties in Iran and the chief ex­ec­u­tive of its oil and gas divi­sion vis­ited the coun­try re­cently, a com­pany spokes­woman said. The visit by Lorenzo Si­monelli, CEO of GE Oil & Gas, comes at a time when Iran is aim­ing to boost its crude oil ex­ports and re­cover the oil mar­ket share it lost as a re­sult of in­ter­na­tional sanc­tions im­posed over its nu­clear pro­gram. "In line with the eas­ing of sanc­tions, we have be­gun look­ing at po­ten­tial busi­ness op­por­tu­ni­ties in Iran, while fully com­ply­ing with the rules laid out by the U.S. govern­ment. Si­monelli's visit is part of this ef­fort," the spokes­woman said. Iran could help GE lessen the ef­fects of the fall in en­ergy prices as a re­sult of which the com­pany dou­bled its 2016 bud­get for re­struc­tur­ing. Fur­ther, GE has said that it ex­pects oil and gas rev­enue to fall a fur­ther 10-15 per­cent in 2016 be­cause of weak oil prices. The Wall Street Jour­nal ear­lier re­ported the news of the visit. Tehran is sweet­en­ing the terms it of­fers on oil de­vel­op­ment con­tracts to draw the in­ter­est of for­eign in­vestors de­terred by sanc­tions and low crude prices, as its prag­matic pres­i­dent seeks to de­liver on his prom­ise of eco­nomic re­cov­ery. Gen­eral


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