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FINANCIAL NEWS
Algeria expected to invest USD71b in energy sector in 5 years: APICORP
13 Oct 2012
(MENAFN) A report forecasted Algeria to spend USD71 billion in the energy sector over the next five years, to become the third largest investor in the sector in the MENA region after Saudi Arabia and the UAE, Saudi Gazette reported.
Saudi Arabia plans to invest USD165 billion in the energy sector while the UAE is set to spend USD107 billion, according to the report by Arab Petroleum Investments Corporation (Apicorp).
Also, Algeria would be topping of Iran, Iraq and Qatar if such projected amount of cash was really spent, the report added.
As for the region as a whole, the report projected MENA oil producers to spend some USD740 billion in the oil sector by 2017.
Gas producing countries are expected to inject a total investment of USD140 billion in the energy sector during the same period, the report added.
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