GE Explores Opportunities in Iran

By John Lee.

The Wall Street Journal reports that the chief executive of General Electric‘s oil and gas business, Lorenzo Simonelli (pictured), has visited Iran to explore business opportunities in the country.

A spokeswoman for GE Oil & Gas said:

“In line with the easing of sanctions, we have begun looking at potential business opportunities in Iran, while fully complying with the rules laid out by the U.S. government … Mr. Simonelli’s visit…was part of our efforts to that end.”

According to the article, this is the first known visit by an energy executive of an American company since before nuclear-related sanctions were imposed.

The company offers equipment from oil and gas drilling equipment and subsea systems, to turbomachinery solutions and downstream processing.

A person familiar with the matter said the company wants to sell spare parts, compressors and turbines from its Italian Nuovo Pignone unit.

(Source: WSJ)

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