GE is pursuing oil and gas deals in Iran and Norsk Hydro is cutting its aluminum demand forecast.
Oil and Gas, GE and Iran
General Electric is exploring potential business opportunities in Iran and the chief executive of its oil and gas division visited the country recently, a company spokeswoman recently said.
The visit by Lorenzo Simonelli, CEO of GE Oil & Gas, comes at a time when Iran is aiming to boost its crude oil exports and recover the oil market share it lost as a result of international sanctions imposed over its nuclear program.
Norsk Hydro Cuts Demand Forecast
Norsk Hydro, one of the world’s largest aluminum producers, cut its 2016 forecast for aluminum global demand, including China, to 3-4% from 4-5% previously, as it reported quarterly earnings that beat forecasts on Wednesday.
Prices of aluminum — used in the aerospace, construction and automotive sectors — have been hit by concerns about oversupply, compounded by worries over a Chinese economic slowdown.