GE Vernova Absorbs Dussur’s Stakes in GESAT Joint Venture

The Saudi Arabian Industrial Investments Co. (Dussur) granted its 55% ownership stake in GESAT to GE Vernova, raising the company’s total ownership to 100%. Since 2017, GESAT met Saudi Arabia’s demand for gas turbines by completing F-class and H-class models and manufacturing post cast components and accessory modules.

“Dussur’s investment policy is to enter partnerships that establish transformational industries that the Kingdom needs or support its supply chains,” said Dr. Raed Alrayes, Chief Executive Officer at Dussur. “After ensuring the stability and maturity of these industrial capabilities, Dussur exits with the aim of renewing its investments into new industrial opportunities of greater value to the local economy. Today, we are proud of the industrial capabilities that distinguish GESAT and can further grow under the sole ownership of GE Vernova.”

GESAT is a joint venture that has supplied and manufactured more than 200 gas turbine modules for power generation plants in up to 10 countries, including Saudi Arabia. GESAT also focused on transferring technological and industrial knowledge by training Saudi cadres on gas turbine assembly and manufacturing processes. These trainings were conducted at GE Vernova’s Greenville site and Belfort site.

“GE Vernova has been honored to partner with Dussur on GESAT since 2017,” said Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, Middle East, and Africa. “We have a legacy of almost 90 years of contributions to the development of Saudi Arabia’s energy infrastructure, with up to 580 employees in the Kingdom today. We intend to continue supporting economic diversification, localization, exports, and talent development efforts in the country to further the Kingdom’s goals under Saudi Vision 2030. We also remain committed to collaborating with various stakeholders to help accelerate Saudi Arabia’s transition to net zero greenhouse gas emissions by 2060.”

GE Vernova Manufacturing News

In July 2024, GE Vernova planned to invest $22 million in its manufacturing facility in Schenectady, NY. The investment focuses on manufacturing new advanced generators to meet the growing demand and is expected to create more than 150 jobs at the site. The funding enables the production of GE Vernova’s H65 and H84 generators, including its stator bars and stator core systems, which require advanced manufacturing processes. These generators are typically coupled to the company’s HA-class gas turbines.

Also in July, GE Vernova rolled out the first H-class gas turbine assembled at the country’s GESAT facility. GE Vernova also entered a memorandum of understanding (MoU) with the Saudi Export-Import Bank (EXIM)—the deal allows GE Vernova to export its goods and services from Saudi Arabia.

The new H-class unit will power the Jafurah Cogeneration ISPP and, by 2030, the Jafurah gas field is expected to produce up to 630,000 barrels of natural gas liquids and condensates and over 420 million standard cubic feet of ethane per day. According to the MoU, GE Vernova’s export of goods and services will be supported through lending and insurance from the Saudi EXIM Bank. GESAT, both in design and capability, can deliver technology for export and the MoU furthers this export project potential.