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GE And Sonelgaz Affiliate, SPE, Sign Contracts Valued At $2.7 Billion To Help Power Algeria

Stocks in this article: GE

In addition to supplying equipment for the new Sonelgaz affiliates plants, GE power generation services include new unit spares, technical direction and installation services and training to help increase the performance, flexibility and reliability of operations at the power plants.

“Our latest agreements with Sonelgaz underscore our continuing commitment to supply the best technology and services to assist Algeria in meeting its growing energy needs,” said Steve Bolze, president and CEO, GE Power & Water. “These recent announcements demonstrate GE’s capability to provide proven technology that can address both the immediate need for more power and the long-term energy requirements of a growing economy. In addition, the new GE-Sonelgaz industrial cooperation is further evidence that we are invested in the future of Algeria’s energy infrastructure.”

The new agreements build on more than 40 years of GE experience in Algeria, one of the world’s leading producers of natural gas. It expands an existing relationship between GE and Sonelgaz and its affiliates that includes a nearly $500 million service contract signed by the companies in 2008. That agreement is helping to improve efficiency, output and reliability of 51 gas turbines operating in 13 power plants across Algeria.

Energy demand in Algeria is estimated to be growing at an average annual rate of approximately 14 percent, rising from about 12 GW to 20 GW by 2017. The government is committed to boosting energy capacity through its investments in the power sector.

As Algeria progresses at a fast pace with a focus on infrastructure building, GE is committed to being the country’s growth partner through technology transfer, local jobs and skill training and strengthening operational efficiencies.

About GE

GE (NYSE:GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

About GE Power & Water

GE Power & Water provides customers with a broad array of power generation, energy delivery and water process technologies to solve their challenges locally. Power & Water works in all areas of the energy industry including renewable resources such as wind and solar; biogas and alternative fuels; and coal, oil, natural gas and nuclear energy. The business also develops advanced technologies to help solve the world’s most complex challenges related to water availability and quality. Power & Water’s six business units include Distributed Power; Nuclear Energy; Power Generation Products; Power Generation Services; Renewable Energy and Water & Process Technologies. Headquartered in Schenectady, N.Y., Power & Water is GE’s largest industrial business.

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