Siemens must do more to capitalize on the surging demand for shale gas and oil equipment in the U.S., Chief Executive Officer Joe Kaeser said on Wednesday.
The German giant Siemens, which already makes gas turbines and equipment to distribute power, has recently purchased Rolls-Royce Holdings Plc’s gas turbine and compressor business for 1.3 billion dollars in a bid to strengthen their foothold in North America.
“In the U.S., all roads lead to gas,” 56-year old Kaeser said at a press conference in Berlin, citing a rising use of fracking, which helps to tap shale gas reserves. “When we talk about fracking, you don’t just talk about drilling it, but also how you liquify and transport it, and 75 percent of that market is in the U.S. and Canada.”
Siemens’ interest in the U.S. shale energy market is reflected in the recent replacement of Munich-born Michael Suess with Lisa Davis – a 50-year old U.S. chemical engineer, who has spent her whole career in the oil and gas industry with jobs at Chevron Corp., Exxon Mobil Corp. Texaco Inc., and, most recently, Shell.
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