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GCC countries to spend $740bn on oil projects
- Middle East: Monday, October 08 - 2012 at 06:03
The Arab Petroleum Investments Corp (Apicorp) has said oil producers in the Middle East and North Africa (Mena), led by Saudi Arabia, plan to invest $740bn on energy projects in the next five years, Bloomberg has reported. Saudi Arabia tops the list with committed investments of $165bn, mostly generated by Saudi Arabian Oil Co. and Saudi Basic Industries Corp, followed by the UAE that plans to invest $107bn in the period, Apicorp said. Algeria overtook Qatar and Iran as the third-biggest investor, with $71bn of potential spending, largely the result of catch-up investment. Iran's energy spending programme has been put at $68bn, the report said.
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