General Electric has signed a $600m investment agreement in Italy for research and development projects in the oil and gas sector for the next five years, The Economic Times reported. GE will provide $400, while the remaining $200m will come from public funding. The investment is earmarked for a project dubbed Galileo, envisaged to increase GE’s production volumes in the country by 50% and boost revenues by $1.7b in the projected period of time. GE also plans to construct a turbines and compressors facility in the central region of Tuscany.
GE’s Oil & Gas division had also signed an agreement with Italy’s SACE, a state-owned export credit insurance agency, for an assistance of up to $6b over the period between 2016 and 2018 to support its exports to Latin America, North Africa, Sub-Saharan Africa, the Middle East, and Asia, informed Reuters.