GE Vernova, Siemens Energy said to be in talks to supply gas turbines for Syria reconstruction

[Gas turbine engine, located with internal structural elements, hoses, cylinders and housings]
Aleksandr Grechanyuk/iStock via Getty Images

U.S. firm GE Vernova (GEV [https://seekingalpha.com/symbol/GEV]) and Germany's Siemens Energy (OTCPK:SMNEY [https://seekingalpha.com/symbol/SMNEY]) (OTCPK:SMEGF [https://seekingalpha.com/symbol/SMEGF]) are in talks to supply gas turbines to a $7 billion project aiming to rebuild Syria's war-damaged power sector, _Reuters _reported on Thursday, citing people familiar with the matter.

Syria signed a deal with a subsidiary of Qatar's Power International Holding in May to build four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts. The agreement also includes a 1,000-MW solar component.

Siemens Energy (OTCPK:SMNEY [https://seekingalpha.com/symbol/SMNEY]) and GE Vernova (GEV [https://seekingalpha.com/symbol/GEV]) could both be awarded contracts for the project, one of the people said, adding, however, that it was too early to say when agreements might be concluded.

Details of the amount budgeted for the turbines under the project were not available, the report said.

The successful conclusion of deals would make Siemens Energy and GE Vernova among the first Western companies to benefit from the reconstruction of Syria's power sector, since U.S. President Donald Trump lifted most sanctions on Damascus earlier this year.

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