Several major global energy companies pledged increased investment in the U.S. at the World Economic Forum in Davos, Switzerland, pleased with President Trump’s tax legislation.
The CEO of Total, France’s global energy giant and the fourth largest oil company in the world, told Trump that the company is looking to pump up investment in the wake of the December tax cuts. The law cuts the corporate tax rate from 38 percent to 21 percent.
“We invest around $15 billion each year, and at least $1 billion as an average in the U.S. … and even we will do more with your tax reform,” Total CEO Patrick Pouyanne told Trump at a Thursday night reception at the World Economic Forum.
“So from the U.S. standpoint, you’re very happy about it?” Trump asked Pouyanne.
“Yes, I’m happy,” Pouyanne replied.
The head of global manufacturing and electronics giant Siemens told Trump that his tax reform package has driven its decision to start building advanced natural gas turbines for power plants in the United States.
“We’re doing really well,” Joe Kaeser, chairman and CEO of Siemens, told Trump at the reception. “As a matter of fact, we’ve been investing quite a lot into the country. And since you have been successful with tax reform, we decided to develop next-generation gas turbines in the United States.”
“So, congratulations on your tax reform,” he said. “You said this is what you’re going to do.”
Siemens is working with coal giant Duke Energy to install one of the most advanced gas-fired power plants in its fleet. The expansion of its Lincoln County Combustion Turbine in North Carolina will include one of Siemens’ advanced turbines.
The Duke Energy project is just one example of the company’s expanding U.S. power plant business.
Siemens has 56,000 people working in the U.S. and generates $36 billion in revenues, Kaeser said.
