UAE minister: Region needs $750 billion investment to boost energy output capacity
Middle East oil and gas producers need to invest $750 billion up to 2030 to boost output capacity to satisfy world demand for energy products, according to the UAE Minister of Petroleum and Mineral Resources Obeid bin Saif Al Nasiri.
"Producers in the Middle East need an estimated investment of $750 billion ($500 billion for oil and $250 billion for gas by 2030) to boost their output capacity to meet growing world demand for oil and gas," Nasiri told the International Energy Forum (IEF) Monday, but he stressed the region must first see political and security stability to attract these investment.
According to WAM, he called for a fair price mechanism for energy product so as producers inject more funds in their energy sector.
"Producers welcome local and foreign investment that enable them produce more oil and gas in order to meet world demand and finance sound infrastructure for gas trade," he added. On gas pricing, Nasiri stated, "over the past four years Opec set a price band between $22-28 for a barrel. Average price during these years was $27, which is an acceptable and reasonable price. "A fair pricing can help producers pump required investment into their oil and gas industry, therefore providing world oil market with enough supplies and help fuel world economic growth," he added. (menareport.com)
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