General Electric (GE)

Conglomerate
NYSE: GE
USA
Baker Hughes

"General Electric Co. is planning to end sales of oil and natural-gas equipment later this year in Iran, people familiar with the matter said, illustrating how U.S. withdrawal from the nuclear deal is shutting a narrow window of opportunity for some American businesses there." (5/31/2018).

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In 2017 the U.S. state of California listed GE as a company under review for potentially having entered into contracts for the sale of goods related to the development of petroleum resources.

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In 2017 the U.S. state of Michigan listed GE on its Iran restricted investment list rendering Iran ineligible for investment and/or state contracting. Response: "respect UANI's position but disagree with UANI about the business engagements that the JCPOA has made possible in Iran."

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Pursuant to this authorization, a non-U.S. affiliate of GE’s Oil & Gas business received five purchase orders during the third quarter of 2017 for the sale of goods pursuant to General License H that could potentially enhance Iran’s ability to develop petroleum resources. The purchase orders cover the sale of valves and parts for industrial machinery and equipment used in gas plants, petrochemical plants and gas production projects in Iran. A second non-U.S. affiliate of GE’s Oil & Gas business received two purchase orders during the third quarter of 2017 for the sale of consumable parts, instruments and a digital recording system to be applied to industrial machinery and equipment on gas plants.A non-U.S. affiliate of GE’s Power business received a cancellation to a purchase order previously reported for the sale of spare parts to an Iranian entity to provide electricity and steam to an area of Iran that includes certain oil refineries during the quarter ending September 30, 2017.A second non-US affiliate of GE’s Power business received three purchase orders pursuant to General License H valued at €0.1 million ($0.1 million), €0.1 million ($0.1 million) and €0.2 million ($0.2 million) during the third quarter of 2017. The purchase orders cover the sale of protection relays for oil refinery related projects in Iran.A third non-US affiliate of GE’s Power business received two purchase orders pursuant to General License H valued at €0.1 million ($0.1 million) and €0.1 million ($0.1 million) during the third quarter of 2017. The purchase orders cover the sale of spare parts for motors for ultimate end use by a petro-chemical company in Iran. -- In 2017 the U.S. state of California listed GE as a company under review for potentially having entered into contracts for the sale of goods related to the development of petroleum resources.

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"Iran says it has started talks with major American and Italian companies to form partnerships with some of its oldest brands of household devices in what appears to be a policy to prevent their demise. The announcement was made by Abbas Hashemi, the director general for household devices affairs of the Ministry of Industry, Mine, and Trade. Hashemi was quoted by the domestic media as saying that the companies with which talks to were underway on the same front were multinational conglomerate corporation General Electric (GE), the American multinational manufacturer and marketer of home appliances Whirlpool Corporation, and the Italian Ariston Thermo Group." (Press TV, "US, Italian Firms to Save Iran's Troubled Brands," 1/8/2017).

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"Iran is in talks with two American home appliances manufacturers General Electric (GE) and Whirlpool for joint venture, according to Abbas Hashemi, director general of home appliances and metal industries department of Iran's Ministry of Mine, Industry, and Trade. Addressing a press conference, Hashemi said Iran is seeking joint venture and cobranding deals with foreign companies where a minimum 30 percent of the products are exported to regional markets, Trend correspondent reported from the event January 3. In particular he said that the ministry is looking forward to have one or two brands produce split cooler units in Iran." (Trend News Agency, "Iran Seeking JV with American Giants GE, Whirlpool," 1/5/2017).

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GE Power is listed as an attendee at the Iranian Base Metals Conference that took place from September 6-7, 2016 in Tehran, Iran. (Iranian Base Metals Conference Attendees, 2016).

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"The chief executive of General Electric Co.’s oil-and-gas business has visited Tehran to explore business opportunities there, the company said, the first known visit by an energy executive of an American company since before Western sanctions were imposed on Iran over its nuclear program. Lorenzo Simonelli, CEO of GE Oil & Gas, visited Iran in recent days and departed on Monday as the company takes another look at the country now that nuclear-related sanctions have ended, a GE spokeswoman 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,' the spokeswoman said. 'Mr. Simonelli’s visit…was part of our efforts to that end.' ... GE Oil & Gas, based in London, is a subsidiary of its American parent company... GE manufactures oil-drilling and processing equipment, including subsea pumps and pipeline-service units. Mr. Simonelli’s visit included a meeting with a top Iranian oil official, according to a person familiar with the matter. The company wants to sell spare parts, compressors and turbines from its unit Nuovo Pignone, which is based in Florence, Italy, according to a person familiar with the matter... GE Oil & Gas has had a team of 50 in Dubai and Florence preparing to work in Iran for months, examining every detail to ensure compliance with U.S. sanctions, a person familiar with the matter said. That includes insulating any potential Iran business from its U.S. parent and avoiding any use of U.S. technology... Other American companies have shown interest in Iran, but it isn’t clear whether they have sent delegations to the country. Chevron Corp. last year sent officials to an Iran-focused conference in Vienna." (The Wall Street Journal, “GE’s Oil and Gas Chief Explores Opportunities in Iran,” 2/15/2016)

"Consistent with our policy, we will wind down any activity under any such authorization."  (5/21/2018)

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Response: "We continue to respect UANI’s position but also respectfully continue to disagree with UANI about the business engagements that the JCPOA and the modified sanctions regime have made possible in Iran." November 14, 2016