April 09, 2010 10:23 AM
KUWAIT, April 9 (Bernama) -- Five Organisation of Arab Petroleum Exporting Countries (OAPEC) members dominate more than 70 percent of energy investments in the Arab world, with a total estimate of US$ 470 billion.
According to Kuwait's news agency Kuna, the Kuwait-based OAPEC said in its monthly bulletin that these countries are Saudi Arabia, Kuwait, Qatar, the UAE and Algeria.
It said, other auxiliary energy investments like oil refining and petrochemical industries comprise of 47 percent of the overall volume of energy investments, while natural gas supplies represent 36 percent of the total investment volume, and power generation takes up 17 percent of the total.
According to forecasts of the International Energy Agency, the world is in need to inject US$35 billion a year between 2008 and 2030, in order to eradicate energy scarcity, especially after the global economic downturn that hit in 2008, the bulletin said.
Liquid and gas fossil resources will vigorously be the source to operate industrial, agricultural and services' sectors for the first half of the 21st century, it said.
Upon these facts, OAPEC members should continue injecting more oil-related investments in markets, it remarked, pointing out that oil reserve for OAPEC members at end of 2009 reached 667.44 billion barrels; 56.6 percent of global oil reserve, while its natural gas reserve reached 52.5 trillion cubic meters or 28.1 percent of global reserve for the same year.
In this regard, a number of the Arab cartel members announced financing a host of mega investment projects in 2010, such as Saudi Arabia's allocation of US$170 billion for oil and gas projects and Algeria's Sonatrach oil investment projects of US$69 billion.
In Kuwait, some US$87 billion is footed for new investments in the oil sector, whereas Qatar allocated US$70 billion for its projects, the bulletin concluded.
Source: http://www.bernama.com/bernama/v5/newsindex.php?id=489226
KUWAIT, April 9 (Bernama) -- Five Organisation of Arab Petroleum Exporting Countries (OAPEC) members dominate more than 70 percent of energy investments in the Arab world, with a total estimate of US$ 470 billion.
According to Kuwait's news agency Kuna, the Kuwait-based OAPEC said in its monthly bulletin that these countries are Saudi Arabia, Kuwait, Qatar, the UAE and Algeria.
It said, other auxiliary energy investments like oil refining and petrochemical industries comprise of 47 percent of the overall volume of energy investments, while natural gas supplies represent 36 percent of the total investment volume, and power generation takes up 17 percent of the total.
According to forecasts of the International Energy Agency, the world is in need to inject US$35 billion a year between 2008 and 2030, in order to eradicate energy scarcity, especially after the global economic downturn that hit in 2008, the bulletin said.
Liquid and gas fossil resources will vigorously be the source to operate industrial, agricultural and services' sectors for the first half of the 21st century, it said.
Upon these facts, OAPEC members should continue injecting more oil-related investments in markets, it remarked, pointing out that oil reserve for OAPEC members at end of 2009 reached 667.44 billion barrels; 56.6 percent of global oil reserve, while its natural gas reserve reached 52.5 trillion cubic meters or 28.1 percent of global reserve for the same year.
In this regard, a number of the Arab cartel members announced financing a host of mega investment projects in 2010, such as Saudi Arabia's allocation of US$170 billion for oil and gas projects and Algeria's Sonatrach oil investment projects of US$69 billion.
In Kuwait, some US$87 billion is footed for new investments in the oil sector, whereas Qatar allocated US$70 billion for its projects, the bulletin concluded.
Source: http://www.bernama.com/bernama/v5/newsindex.php?id=489226
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