General Electric Company (GE) and Sakhalin authorities have agreed to a deal where GE will provide power for a variety of projects on the Russian island as it seeks to increase its economic development.
Sakhalin is Russia’s largest island, off the east coast of the country. It is attempting to further its development with a variety of projects to help meet future demand. However, the island needs electricity and equipment to power these projects; that is where General Electric comes in.
The Fairfield, Connecticut-based company will provide Sakhalin with the assets to help local companies meet their needs. Along with equipment, GE will team up with the Sakhalin government to develop gas turbines for the island.
“A reliable local supply of electricity is critical to the future economic growth of this region and to the quality of life of our citizens,” Sergey Hotochkin, Sakhalin’s deputy prime minister, said in a statement.
General Electric shares were up 21 cents, or +0.89%, during pre-market trading on Wednesday. The stock is up +24.35% over the past twelve months.
The Bottom Line
Shares of General Electric (GE) have a dividend yield of 3.22% based on last night’s closing price of $23.59 and the company’s annualized dividend payout of 76 cents per share.
General Electric Company (GE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.