Oil producers from across the MENA region will contribute US$740bn towards energy projects over the next five years, according to a report from Arab Petroleum Investments Corporation (Apicorp)
Saudi Arabian producers have been slated to lead the way, with the report stating that companies from within the kingdom - primarily Saudi Aramco and Saudi Basic Industries Corporation (SABIC) - committing investments totalling US$165 billion for the five-year period from 2013 to 2017.
Meanwhile, UAE-based oil firms and investment arms have planned to invest US$107bn into energy projects during the same period, the report added.
The research claimed that
The report placed
“Tighter international sanctions, and the retreat of foreign companies, have ended up taking a toll on
The bank said that countries in the region would be able to finance projects on their own as long as the basket of Opec crudes remains US$10 higher than last year’s review at more than US$100 a barrel.
Apicorp's review covers projects in the oil, gas, petrochemicals and power industries, which have been deemed likely to see final investment decisions being taken.