By: Ahmed Awad
Kuwait-Mubasher: GE Oil & Gas saw a slowdown in its projects in the last period due to lower oil prices, said Mahmoud Kassem, Executive Vice President of GE Oil & Gas Middle East, North Africa and Turkey.
He added that a number of major companies in the region limited its future projects due to the drop in oil price.
Kassem noted that lower oil prices pushed many companies to review their expansion plans and reduce project costs.
GE’s business is valued at $10 billion in the Middle East and South Africa.
The company is conducting negotiations with Kuwait Petroleum Corporation to implement oil and energy projects in the coming period.
A couple of weeks ago, the company inaugurated the “GE Oil & Gas” project worth $1 billion in the second industrial zone in Dammam.
Translated by: Julian Nabil
