Oil producers in Mena to invest USD525b in energy projects
03 Oct 2011
(MENAFN) The Arab Petroleum Investments Corporation (Apicorp) said that from 2012 to 2016, oil producers in Middle East and North Africa (MENA) would be forecasted to invest USD525 billion in energy projects, reported Xinhua News.
Apicorp added that investors would still face the consequences of the global economic recession, the political upheaval in the region, in addition to cost uncertainty, feedstock availability and financing accessibility.
It also said that projects could be funded by MENA’s countries on condition that the basket of OPEC crude would remain more than USD90 a barrel, however, the external financing, especially loans, would be deterred due to a lack in loan supply and high costs.
It is worth noting that around more than two-thirds of the energy capital investment will be located in Saudi, the UAE, Iran, Qatar and Algeria.