General Electric (NYSE: GE) announced Monday that its Oil & Gas unit has opened up a new facility near Basra City in Iraq, delivering GE’s latest in technological expertise to help develop the region’s energy infrastructure.
The facility is expected to serve as a base for pressure control equipment supply, but it will also help provide a full array of maintenance, installation, testing, repair, and storage services. GE hopes to scale up the range of services in the near future.
From the press release:
Rami Qasem, president and chief executive officer for the Middle East, North Africa and Turkey of GE Oil & Gas, said: “The new Basra center provides a broad spectrum of solutions under one roof and is situated locally to meet our customers’ demands for rapid drilling and production support. Through our investment in strengthening our local presence, we are able to significantly improve our delivery time for products and services, while also giving us a base for training and developing a local work force.
The facility is situated right in the middle of the Rumaila oil field, one of the largest in the world. Its development is viewed as crucial to helping Iraq’s economy get back on its feet. Roughly 40 percent of Iraq’s oil comes from this field, which presently has more than 250 wells in operation.
GE Oil & Gas employs more than 37,000 people across 100 countries in many aspects of the energy industry.