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FINANCIAL NEWS
UAE spends more USD3.7 billion on energy sector
18 Jul 2013
As UAE’s continued efforts to increase its crude production, the country has granted USD3.7 billion to Zakum Development Company aimed at developing the offshore Upper Zakum field, reported Khaleej Times.
The Gulf region is set to spend a total of USD75 billion on oil and gas sector from 2010-2014, in which USD40 billion comes from the region’s biggest spender UAE.
It’s worth mentioning that the awarded contract to Zakum is estimated at 50% of the country’s spendings on engineering, procurement and construction (EPC) deals.
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