25 December 2012

Rwanda: American Oil Firm Eyes Rwanda

Photo: In2EastAfrica
Rwandan Franc.

Kigali — General Electronics, an American multi-billion firm is eyeing Rwanda for investments in energy, healthcare and oil exploration related business, the company's Africa President, Jay W. Ireland has revealed.

GE with expertise in oil and gas exploration and production infrastructure, renewable natural gas, power generation and healthcare is a globally reputed company with an estimated market capital of more than $100 billion.

It has annual revenue of $180 billion a year and according to Ireland, who's also GE CEO for Africa, generates a reported $7billion annual revenues.

Ireland noted that Rwanda is on their radar and if ongoing negotiations are successful could become one of the 22 countries in sub-Saharan Africa where the firm has operations but with the majority of revenues admittedly coming from Nigeria, Angola, South Africa, Ghana, Kenya and Tanzania.

"Rwanda has a great potential for investment; it ranks highly in World Bank Doing Business index, and that is one of the key things you look out for when you are considering where to invest your money," remarked Ireland during an interview.He added that Rwanda is one of the fastest growing economies on Africa continent revealing that his company is in the process of negotiating with some of the ministries responsible for power generation and Healthcare in Rwanda for possible mega investment deals." There is nothing to announce as yet because the negotiations are still internal but once we are done we shall inform the public though the media," assured Ireland.

In Kenya, GE says they are running a number of renewable energy projects including generation of wind power.

It also has a number of hospital projects in Ethiopia, Angola, Kenya, and Tanzania as well as several power generation projects with natural gas fire and turbines but Ireland says their focus is shifting to infrastructure development and healthcare in Tanzania, Mozambique, Angola and Nigeria.

The firm also says it is ready to provide equipments to oil and gas exploration companies if it's confirmed that Rwanda's suspected Oil wealth is a reality adding that the company has power generation solution capability of providing gas engine that uses methane gas as fuel.

Asked what exact plans they have for Rwanda, Ireland responded that, "We hope to continue working with Rwanda in power generation depending on what type of fuel is available; we will be in the healthcare industry in public and private hospitals training doctors and giving them the capacity to treat complicated diseases like cancer and diabetes."

The company is currently listed as the 3rd largest in the world among the Forbes global 2000 having weathered the storm from 1890 when it was formed.

Asked to comment about Rwanda's economy, Ireland said, "The country is good, I can see tremendous progress in economic developments, for a company like us, we are in position to invest in this country and what Rwanda needs we are ready to provide when it comes to energy, healthcare, among others."

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