Pull-back by GE from oil work in Iran
The General Electric Company (GE), plans to end its sales of oil and natural-gas equipment.
The company’s electricity-generation unit, GE Power, has reportedly shut down a small office in a leafy neighborhood of Tehran and removed the company’s logo from its entrance.
A GE spokeswoman commented, “We are adapting our activities in Iran as necessary to conform with recent changes in U.S. law, GE’s activities in Iran to date have been limited and in compliance with U.S. government rules, licenses and policies.”
Its foreign subsidiaries had as much as $150 million prepared in bids for pipelines, compressors, and subsea equipment in Iran.