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• GE Vernova’s advanced H-Class turbine is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP) in Saudi Arabia
• The H-Class turbines are highly efficient, hydrogen-ready, and are designed to quickly adjust to support grid stability amid increasing renewable energy integration
• GE Saudi Advanced Turbines (GESAT), a joint investment with Dussur, is the first facility in Saudi Arabia and the region to manufacture H-Class gas turbines and components

Dammam, Saudi Arabia; (July 1 2024)

In the presence of His Royal Highness Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. (NYSE: GEV) today announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam in an official ceremony held at GESAT. As part of the event, GE Vernova also signed a Memorandum of Understanding (MoU) with the Saudi Export-Import Bank (EXIM) to enable the export of goods and services of GE Vernova from Saudi Arabia. The ceremony was graced by His Royal Highness Prince Abdulaziz bin Salman, Saudi Minister of Energy, Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa, and other esteemed guests to mark the occasion.

GESAT is a world-class gas turbine and component manufacturing facility and a JV between Dussur and GE Vernova.The first locally completed H-Class unit is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP), which once operational is anticipated to be the most efficient power plant in Saudi Arabia. By 2030, the entire Jafurah gas field is expected to produce up to 630,000 barrels of natural gas liquids and condensates, as well as over 420 million standard cubic feet (MMSCFD) of ethane per day.

The successful rollout of the locally completed gas turbine at GESAT is a significant milestone in the Kingdom’s energy sector and contributes to Saudi Arabia’s economic diversification and local skills development initiatives, in alignment with Saudi Vision 2030 goals. The rollout underscores GE Vernova’s commitment to bringing cutting-edge technology products to support both the Kingdom’s energy needs and its sustainability goals.

Hisham Al Bahkali, President of GE Vernova in Saudi Arabia, said: “We are incredibly proud of GESAT’s accomplishments in driving industrial localization within the Kingdom’s energy sector in support of Saudi Vision 2030. GESAT strengthens ‘Made in Saudi’ capabilities and, since 2018, has exported 200+ accessory modules for power plants generating more than 11 GW. GESAT is now further growing its ongoing success with the rollout of one of the most advanced gas turbines, completed in Saudi Arabia.”

Renowned for their high efficiency and performance, GE Vernova’s H-class gas turbines offer one of the most cost-effective conversions of natural gas to electricity in their class, and support flexible power generation needs across the Middle East.

Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa, said: “GE Vernova has close to 90 years of legacy in the Kingdom, reflecting our strong commitment to advancing the country’s goals for energy security, economic diversification, and talent development under Saudi Vision 2030. The rollout of the first HA unit completed at GESAT is a testament to our efforts in further deepening power sector capabilities in the Kingdom. The high efficiency and hydrogen readiness of our H-class turbines can support the country’s energy transition, as the turbines can rapidly ramp up or down to support grid stability as more intermittent renewables are integrated into the energy system.”

To further support the Kingdom’s economic diversification and export capabilities, GE Vernova also signed an MoU with Saudi EXIM that aims at enabling the export of goods and services of GE Vernova from Saudi Arabia through lending and insurance support from Saudi EXIM Bank. Since inception, GESAT has been set up to deliver technology products for export from the Kingdom, and this MoU aims to further enable export projects. The signing was done by H.E. Eng. Saad Alkhalb, CEO of Saudi Exim Bank, and Hisham Al Bahkali, President of GE Vernova for Saudi Arabia.

GE Vernova spun-off from GE (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology helps generate about 25% of the world's electricity and has a meaningful role to play in the energy transition.

About the Saudi Arabian Industrial Investments Company (Dussur)

The Saudi Arabian Industrial Investment company, owned by The Saudi Public Investment fund, Sabic, and Aramco, aims to maximize the developmental impact on the Saudi economy by executing strategic and sustainable industrial investments with world-class technical partners, building modern industrial value chains, and creating more value out of the kingdom’s resources.

Visit us at www.dussur.com

LinkedIn & X: @Dussur

For more information, you may contact us through: Info@dussur.com

About GE Vernova

GE Vernova (NYSE: GEV) is purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. GE Vernova’s Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future. It is a global leader in gas turbines and gas power plant technologies and services with the industry’s largest installed base of approximately 7,000 gas turbines.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy. Learn more: GE Vernova and LinkedIn.

For more information, contact:

Abeer Masood

Communications Director – Middle East & Africa

GE Vernova

Abeer.Masood@ge.com

Jubail Saudi Arabia -- Feb. 11, 2024

In the presence of HRH Prince Abdulaziz Bin Salman Al Saud, Minister of Energy, His Excellency Mr. Bandar bin Ibrahim AlKhorayef, Minister of Industry & Mineral Resources, and His Excellency Mr. Khalid Bin Abdulazizi Alfaleh, Minister of Investment, the Saudi Arabian Industrial Investment Company “Dussur” and Baker Hughes formally inaugurated today the joint (Saudi Petrolite Chemicals) facility focused on providing oilfield and industrial chemicals in The Kingdom of Saudi Arabia.

The new specialty chemicals manufacturing facility aims at increasing KSA’s supply base targets of raw materials like solvents and glycols and accelerating the development of manufacturing skills and capabilities of the local workforce. With faster delivery of fit-for-purpose chemical solutions, the facility is closer to customers and suppliers, creating efficiencies across the business.

On this occasion, Dr. Raed Al-Rayes, CEO of Dussur, says: “The establishment of the new Saudi Petrolite Chemicals Facility comes to maximize the developmental and economic impact in the Kingdom. It also comes within Dussur’s objectives, which contribute to supporting and enhancing strategic industrial investments, in a sustainable manner”.

The Dussur CEO also confirmed that the new factory works to provide localization opportunities to increase local raw materials and support the development of the local workforce and delivery to customers in Saudi Arabia, through shorter periods of time, and with these multiple characteristics, it possesses a highly valuable preferential advantage.

“Today, is a testament to Baker Hughes and Dussur’s continued efforts to drive in-country value to better serve the chemicals market in the Kingdom and across the region. Aligned to the Kingdom’s vision, the inauguration of the Saudi Petrolite Chemicals facility marks another milestone in the Kingdom’s remarkable journey of economic and industrial growth – and for Baker Hughes, I am proud to be a part of the journey, that we started more than 85 years ago in KSA, as we invest in growth together,” said Lorenzo Simonelli, Chairman and CEO, Baker Hughes.

The Saudi Petrolite Chemicals facility spans approximately 90,000 square meters with an on-site quality control lab, Ethylene Oxide and Propylene Oxide pipeline feedstock, and 18 storage tanks. The facility manufactures demulsifies, corrosions, paraffin dispersants and many other chemicals for the upstream, downstream, petrochemical and power markets in country. Manufacturing equipment also includes two reaction vessels, two blend tanks and 15 bulk liquid storage tanks.

The Saudi Arabian Industrial Investment company, Dussur, announces today the appointment of Mr. Markus Solibieda as its new Chief Investment Officer with effect from November 1st, 2023. Markus Solibieda has over 28 years of professional expertise across several investment entities, before joining Dussur, Markus was the Managing Director of BASF Venture Capital GmbH, since 2016, an international leading chemical company. He was also a Partner at Mandarin Capital Partners and Head of the company’s Frankfurt office. Previously, he co-founded Baigo Capital, a European growth capital fund focused on the healthcare industry. Markus received his MBA from the European Business School following studies in Frankfurt (Germany), Dijon (France) and Phoenix (USA). He started his career with Deutsche Bank and Advent International in Frankfurt and London. And on his joining, Markus expressed: “It is a privilege to become part of Dussur’s team and vision, I am excited to be living in Saudi, and I look forward to building a successful investment portfolio with my highly professional and dedicated colleagues” CONTINUE READING