GE Signs $300M Saudi Arabia Gas Turbines Deal
NEW YORK (AP) — General Electric Co. said Monday that it signed a $300 million deal for natural gas turbines with Saudi Arabia's state-run utility as it expands six power plants.
GE has supplied nearly 200 turbines to Saudi Electricity Co. over the last five years.
In the latest deal, the utility will buy 13 turbines and related technical services. The expansion is meant to add 800 megawatts of power to the Saudi grid by summer 2013.
The turbines will be built in GE's factory in Greenville, S.C. They'll be delivered between the fourth quarter of 2012 and the first quarter of 2013.
Shares rose 26 cents, or 1.6 percent, to $16.35 in morning trading.