Saudi to spend USD165b on energy projects by 2017

07 Oct 2012

(MENAFN) The Arab Petroleum Investments Corp. (APICORP) stated that during the coming five years, Saudi Arabia would spend USD165 billion on energy investments, reported Saudi Gazette.

The inter-governmental energy lender said that the bulk of the investments will be carried out by Saudi Arabian Oil Co. and Saudi Basic Industries Corporation (SABIC).

On the other hand, Apicorp said that total spending on energy projects in the Middle East and North Africa would reach USD740 billion in the coming five years.

The UAE plans to invest USD107 billion in the mentioned period; Algeria will invest USD71 billion, whereas Iran will spend USD68 billion.

It is worth noting that high oil prices will help these countries achieve their targets and recommence projects that were delayed at the peak of the financial crisis.

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