Will These New General Electric Projects Boost Sales Overseas?
With $40 billion worth of projects in the pipeline in Indonesia, Vietnam, and Malaysia, Visal Leng, general manager of GE’s oil and gas division in Asia, said in an interview today in Kuala Lumpur: “This is where we see a lot of dynamism in the future.”
The company announced it won a $150 million contract for the supply of technology to Malaysia’s Petronas for adding an annual capacity of 3.6 million tonnes its Bintulu LNG project. There is the further likelihood of supplying a floating LNG terminal for Petronas and based upon the Prelude LNG project located off Australia.
“I don’t see any slowdown in demand for gas in Asia,” Kenji Uenishi, president of GE’s energy unit in Asia, said. “But it’s getting more difficult, technically challenging, to develop” oil and gas fields.
GE’s thrust on international markets could boost sales outside the U.S. to 65 percent of total industrial revenue by 2020, from 59 percent.
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