U.S. power equipment maker GE Vernova said on Monday it has acquired the remaining ownership stake in a Saudi gas turbine producing joint venture from state-owned Dussur.
The former unit of General Electric had agreed with Dussur to set up the General Electric Saudi Advanced Turbines JV in 2017 in the eastern city of Dammam.
After buying Dussur’s 55% stake in the JV, GE Vernova will be the sole owner of GESAT.
The JV has manufactured more than 200 gas turbine modules for power generation plants across 10 countries including Saudi Arabia, GE Vernova said.
“Dussur’s decision to sell its shares to GE Vernova follows achieving the investment and development objectives of this investment in GESAT, the company has been able to employ and train a number of young national talents and transfer knowledge in the field of gas turbine technology,” said Dussur CEO Raed Alrayes in a statement.
Dussur, or Saudi Arabian Industrial Investments Company (SAIIC), was established in 2016 by state firms Saudi Aramco, Public Investment Fund and Saudi Basic Industries Corporation (SABIC).
It seeks to develop industrial sectors in Saudi Arabia as part of the government’s plan to create jobs and diversify the oil-dependent economy.
The value of the deal was not disclosed by the companies.
Source: Reuters.com