General Electric Company (GE) Chairman and CEO Jeffrey R. Immelt is to visit Ethiopia in two weeks Capital learned.
It will be the Chairman’s first visit to the country and he is expected to hold talks with Prime Minister Hailemariam Desalegn along with a number of other high government officials.
During his visit, Immelt is expected to talk about potential investment areas such as energy and the health sector. There are also expectations that there will be discussions regarding oil production in Ethiopia.
GE operates as an infrastructure and financial service company. It’s Oil and Gas segment provides surface and sub-sea drilling and production systems, compressors, turbines, reactors, and industrial power generation.
The company is engaged in the oil sector in several countries including Brazil and Nigeria. Reports show that GE businesses in Nigeria represent the biggest GE platform in Africa. It is involved in the Nigerian oil sector through its partnership with giant oil companies.
As Ethiopia’s potential oil findings spark attention, last week GCL Poly Petroleum, a Chinese petroleum company that signed a petroleum production sharing agreement (PPSA) with the Ethiopian Ministry of Mines (MoM) to develop the gas filed at Ogaden, also signed a Memorandum of Understanding (MoU) on Wednesday January 8, with the government of Djibouti that will allow the company to construct two pipe lines stretching from Ethiopia to Djibouti.
GCL Poly Petroleum Investment that signed a deal with Ethiopia in November 2013 to develop gas reserves at Calub and Hilala has signed a MoU with the Ministry of Energy in charge of Djibouti’s Natural Resources that will allow the company to transport gas and oil products to the port.
Besides possible oil discussion, GE is also expected to make an investment in the health sector. The company’s health sector segment provides medical imaging and information technologies, medical diagnostics, and patient monitoring systems; and disease research.
General Electric reported net income of USD 4.2 billion for the fourth quarter of 2013 on revenue of USD 40.38 billion. Reports show that profit in the company’s aviation, oil and gas, and appliances divisions all rose 20 percent or more in the last quarter