GE unit to invest $5 billion overseas to meet energy demand
The Stamford-based unit of General Electric Co. said it has expanded offices in India and opened offices in Southeast Asia and Saudi Arabia, the United Arab Emirates, Oman, Qatar and Kuwait. It also is looking at opportunities in Jordan and Egypt, said Colleen Harkness, managing director of global growth markets in Stamford.
Desalinization, or removing salt from sea water, presents a major opportunity in the Mideast, in addition to wastewater treatment and construction of joint water-power plants, she said.
GE Energy Financial Services' office outside New Delhi, India, began 2007 with two employees and ended the year with 15.
The company cites estimates by the International Energy Administration that world primary energy demand will grow by 55 percent between 2005 and 2030 to 17.7 billion metric tons of oil equivalent.
"You go around the world and it's staggering how much infrastructure investment is going on in every region we're involved in," Harkness said.
GE says its international revenues have historically averaged 40 percent but rose above 50 percent for the first time last year.
GE Energy Financial Services, which invests in energy and water industries, is increasing its overseas investments to nearly a quarter of its total plan, up from its 10 percent traditional level.
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