The regional energy sector needs to pump in some US$84.5 billion for future expansions, the official UAE's WAM news agency reported Wednesday, citing a study issued by the Organization of Arab Petroleum Exporting Countries (OAPEC).
Of the total investments up to the year of 2006, the gas industry will account for the lion share, with $43 billion to be directed to this sector, according to the study.
Projects for boosting crude production capacity will require $21 billion, in addition to $19 billion and $1.5 billion respectively going to the petrochemical industrial and the refining sector, the study estimated.
The study, published by the OAPEC quarterly Journal "Oil and Arab Cooperation", projects Arab and foreign commercial financial institutions to contribute $35 billion, accounting for 42 percent of the total funds.
Of the projected investment from private financiers, $19 billion will go to the gas industry, accounting for 55 percent of the total, the study indicated.
It added that commercial financiers are also inclined to extend $11.2 billion, $2.5 billion and $2 billion to the petrochemicals industries, the refining sector and projects for raising crude output capacity respectively. (menareport.com)
© 2004 Mena Report (www.menareport.com)
