GE to allocate part of a $1 billion investment in Indonesia in the oil and gas sector.
GE announced Monday on the sidelines of a meeting between Indonesia's President Joko Widodo, and U.S. President Barack Obama in the United States that the firm will allocate part of the up to $1 billion in investment in the Southeast Asian country in the latter's oil and gas sector.
“The current government’s vision and more recent plans to accelerate spending on infrastructure (in Indonesia) have given us the confidence to make this commitment. GE’s spending over the next 5 years will target critical areas important to the economy and cover power generation, oil and gas, and healthcare. Through this investment, we hope to expand our local business operations significantly, in a way that we believe will lead to a multiplier effect on the economy,” GE’s Vice Chairman John Rice said in the press release.
GE’s investments in the oil and gas space will include expanding the current subsea equipment manufacturing facility to include other GE product lines, and partnering with Indonesian companies to expand manufacturing and assembly locally.
More than 90 percent of the equipment manufactured in GE's oil and gas facility in Indonesia such as subsea wellheads, surface wellheads, vertical christmas trees, tubular products and connectors used in oil and gas exploration and production is exported for use in global projects.
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you