General Electric (GE), QatarEnergy Sign MOU on Carbon Capture

General Electric Company GE has signed a Memorandum of Understanding (MOU) with QatarEnergy to develop a carbon capture roadmap for Quatar’s energy sector.

The roadmap encompasses carbon capture and sequestration development, hydrogen utilization and possible usage of ammonia in GE gas turbines to cut down their carbon footprint. The agreement aims to explore the possibility of developing a world-scale carbon hub at Ras Laffan Industrial City, which has more than 80 GE gas turbines.

Joseph Anis, president and CEO of GE Gas Power Europe, the Middle East and Africa, said, “QatarEnergy has a clear vision to lead the transition to a lower carbon industrial landscape. GE has been honored to support the development of Qatar’s energy infrastructure for decades and we are delighted to collaborate with QatarEnergy on their evolving sustainability journey.”

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QatarEnergy’s sustainability strategy with multiple initiatives was updated recently. It comprises the reduction of greenhouse gas emissions and flagship programs like the deployment of carbon capture and sequestration technology to capture more than 11 million tons per annum of carbon dioxide in Qatar by 2035.

Zacks Rank and Stocks to Consider

GE currently carries a Zacks Rank #3 (Hold). Some better-ranked companies are discussed below:

RBC Bearings Incorporated ROLL presently sports a Zacks Rank #1 (Strong Buy). ROLL delivered a trailing four-quarter earnings surprise of 9.4%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.

ROLL’s earnings estimates have increased 32.7% for fiscal 2023 (ending March 2023) in the past 60 days. Its shares have gained 13.8% in the past six months.

Valmont Industries, Inc. VMI presently has a Zacks Rank #2 (Buy). VMI’s earnings surprise in the last four quarters was 13.7%, on average.

In the past 60 days, Valmont’s earnings estimates have increased 0.1% for 2022. The stock has rallied 9.9% in the past six months.

Greif, Inc. GEF presently has a Zacks Rank of 2. GEF delivered a trailing four-quarter earnings surprise of 22.4%, on average.

GEF’s earnings estimates have increased 4.6% for fiscal 2022 (ending October 2022) in the past 60 days. Its shares have risen 4.3% in the past six months.

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