Saudi Arabia to Lead $740 Billion Oil Spending Through 2017
"Oil producers in the Middle East and North Africa plan to invest $ 740 billion in energy projects in the next five years, led by the Kingdom, according to Arab Petroleum Investments Corp. Saudi Arabia tops the list with committed investments of $ 165 billion, mostly generated by Saudi Aramco and Saudi Basic Industries Corp. (SABIC), followed by the UAE that plans to invest $ 107 billion in the period, added the report from Apicorp Research. Algeria overtook Qatar and Iran as the third-biggest investor, with $ 71 billion of potential spending, largely the result of catch-up investment. Iran's energy spending program has been put at $ 68 billion, said the report. Despite moving up the rankings ahead of Qatar and Kuwait, Iraq with $ 56 billion worth of capital requirements is still far below its huge potential. The report said MENA energy capital investment is expected to add up to $ 740 billion for the five-year period 2013-17. Compared to past assessments, which have been uniformly and consistently revised to reflect the full scale and scope of the power sector, investment appears overall on the rise again, driven mainly by costs and a catch-up effect, the report said."
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