GE, Carbon Holdings sign $500m technology cooperation deal

Updated 18 November 2013
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GE, Carbon Holdings sign $500m technology cooperation deal

GE and Carbon Holdings Monday signed a $500 million agreement to provide technology and equity support to the greenfield naphtha cracker and olefins complex project of Tahrir Petrochemicals in Ain Sokhna, Egypt.
As part of the partnership, GE, with proven strong competencies in energy, oil and gas, power, water, aviation, transportation and health care among others will provide equity financing and advanced technologies to the new petrochemicals complex.
This is part of an integrated package of solutions to meet the needs of the country. The technologies to be provided for the new plant include advanced aero-derivatives gas turbines, steam turbines, generators, water filtration and desalination equipment, turbo machinery compressors and industrial solutions services.
At a ceremony held at the Egyptian Ministry of Industry & Foreign Trade, John Rice, GE’s vice chairman, signed the agreement with Basil El-Baz, chairman and CEO of Carbon Holdings.
Mounir Fakhry Abdel-Nour, minister of industry and foreign trade, said: “Egypt is focused on providing a strong and business-friendly environment for investors. In addition to facilitating easy procedures that promote industrial investment, we are also committed to bring advanced technological partnerships that can benefit our youth and all-round economic growth. The visit of GE’s senior executive to the country and the company’s partnership on the largest industrial project of its kind in Egypt highlights growing investor confidence. The project will be a strong value addition to our economy.”
John Rice said: “GE is committed to strengthen our presence and partnerships in Egypt, where we have had a presence of over four decades. We are proud to support key customers with technology and capital that can accelerate productivity and address the increasing demand for infrastructure and industrial development. GE’s advanced technologies will be an ideal fit for the project, which will create new jobs for Egyptian youth and boost the manufacturing and exports sector of the country.”


Oil prices fall as US crude output hits record

Updated 7 min 27 sec ago
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Oil prices fall as US crude output hits record

  • US crude oil production reached 12 million barrels per day for the first time last week
  • As output surges, US oil stocks are also rising

SINGAPORE: Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East-dominated producer club OPEC to withhold supply and tighten global markets.
International Brent crude futures were at $66.87 per barrel at 0326 GMT, down 20 cents, or 0.3 percent, from their last close.
US West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel, down 12 cents, or 0.2 percent, from their last settlement.
US crude oil production reached 12 million bpd for the first time last week, the Energy Information Administration (EIA) said on Thursday in a weekly report.
That means US crude output has soared by almost 2.5 million bpd since the start of 2018, and by a whopping 5 million bpd since 2013. America is the only country to ever reach 12 million bpd of production.
As output surges, US oil stocks are also rising.
US commercial crude oil inventories rose by 3.7 million barrels to 454.5 million barrels in the week ended Feb. 15, the EIA said.
Analysts say US output will rise further and that oil firms will export more oil to sell off surplus stocks.
“We see total US crude production hitting 13 million bpd by year-end, with 2019 averaging 12.5 million bpd,” US bank Citi said following the release of the EIA report.
Of that, the bank said, “we could be seeing some weeks with 4.6 million bpd of gross crude exports by end-year, adding to this week’s new record” of 3.6 million bpd.
Friday’s dips at least temporarily halted a rally that pushed crude prices this week to their highest for 2019 so far amid the supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
OPEC and some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million bpd to prevent a large supply overhang from growing.
Another recent price driver has been US sanctions against oil exporters Iran and Venezuela.