General Electric Company (GE) Announces Multi-Year Services Agreement with Jordan’s Samra Electric Power Company

General Electric Company (NYSE:GE) Power division signed a multi-year agreement (MYA) with Samra Electric Power Company (SEPCO) in Jordan. Under the agreement, GE will provide SEPCO with full plant maintenance services, including parts and repairs for critical power generation equipment for the 1,175 megawatts (MW) Samra Combined Cycle Gas Turbine (CCGT) Power Plant in the Zarqa region, which feeds power into the national grid for both residential and commercial use.

The agreement was signed by Amjad Al Rawashdeh, Managing Director of SEPCO, and Fadi Tabboush, Executive Sales Director of GE’s Power Services business for East Mediterranean, Iraq and Pakistan (EMIP), in the presence of officials of both entities.

“The collaboration with GE marks our focus on the continuous improvement of operations at Samra and the better utilization of assets at the power station,” said Amjad Al Rawashdeh. “Jordan’s energy needs are estimated to be growing at about 5 percent per annum. GE’s expertise and advanced solutions will help us to support the cost-effective supply of power to meet the requirements of people and industry in general.”

The agreement will help to lower maintenance costs, improve the availability of assets at the plant and enhance operational output and efficiency. It will cover seven GE gas turbines that are installed and operating at the Samra Station. GE will also provide its Advanced Gas Path (AGP) upgrade for 9E units and its MXL2 upgrade for GT13E2 units at the site.

“The agreement with SEPCO underpins the transformational value that GE can bring to our customers,” said Joseph Anis, President & CEO of GE’s Power Services business in the Middle East & Africa. “We are honoured to help SEPCO reduce maintenance costs and improve asset performance at Samra for greater plant availability and more reliable operations.”

GE’s AGP solution to be deployed at Samra blends hardware and digital innovations to deliver industry-leading performance and operational flexibility. The solution offers extended availability with the industry’s longest gas path maintenance interval of up to 32,000 hours and can help prolong the life of the turbines and parts to as much as 96,000 hours, as well as increase output, enhance efficiency and reduce fuel costs.

Offering a significant improvement in power output, efficiency and lifetime, GE’s GT13E2 MXL2 upgrade can extend service intervals, increase the turbine’s output by up to 15 MW and enhance combined cycle efficiency by 1.5 percent. The upgrade combines GE’s latest technology developments with over 10 million operating hours of GT13E2 fleet experience.

GE has supported the development of the energy sector across the Middle East, North Africa and Turkey for more than 80 years. Today, GE-built technologies support the generation of more than two-thirds of the region’s electricity.

Shares of General Electric are currently trading at $28.31, down $0.49 or -1.72%. GE has a 1-year high of $33 and a 1-year low of $27.10. The stock’s 50-day moving average is $28.29 and its 200-day moving average is $29.86.

On the ratings front, GE stock has been the subject of a number of recent research reports. In a report issued on June 13, Stifel Nicolaus analyst Robert McCarthy reiterated a Buy rating on GE, with a price target of $33, which implies an upside of 15% from current levels. Separately, on June 12, Deutsche Bank’s John G. Inch maintained a Sell rating on the stock and has a price target of $24.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Robert McCarthy and John G. Inch have a yearly average return of 13.6% and 12.6% respectively. McCarthy has a success rate of 81% and is ranked #270 out of 4573 analysts, while Inch has a success rate of 72% and is ranked #748.

Overall, 2 research analysts have rated the stock with a Sell rating, 3 research analysts have assigned a Hold rating and 5 research analysts have given a Buy rating on the stock. When considering if perhaps the stock is under or overvalued, the average price target is $31.17 which is 9% above where the stock opened today.


Stay Ahead of Everyone Else

Get The Latest Stock News Alerts