Bloomberg cited Mr Claudi Santiago CEO of GE Oil & Gas, a subsidiary of General Electric Co, as saying that the company expects to boost sales this year and next as oil producers develop new fields in China, Africa and Australia. Mr Santiago said, without providing 2008 sales figures that the maker of gas and steam turbines to drive compressors, power plants and other machinery for the oil and natural gas industry may boost sales this year to between USD 7.5 billion and USD 8 billion. He said that “We expect growth in the single digits this year that will come fundamentally from active markets like China and Africa. The unit expects a “renaissance in LNG next year, especially in Australia.” Mr Santiago said the unit recently signed a service contract with Chevron Corp for the Gorgon field a USD 37 billion gas project off northwest Australia. GE will also try to win more contracts for equipment from Petroleo Brasileiro SA as the Brazilian state-controlled company prepares to tap deepwater deposits. He added that GE’s clients haven’t asked to renegotiate or cancel contracts. He also said "In a moment of downturn, we are defending our position well. The unit will end 2009 with a backlog of an extra USD 150 million to $200 million. Sales may rise in the high single digits next year."

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