Saturday 1 October 2011

Gulf nations bolster oil investments to $739.6b

Huge new investments by Iran and Saudi Arabia have boosted the total value of planned projects in the Gulf petroleum sector to an estimated $739.6 billion until September this year despite a marginal rise in shelved projects, according to a latest study by the Kuwait Financial Centre, or Markaz.

This represents an increase of about $12.5 billion since August 2011, but an increase of only about $3.5 billion since the end of the second quarter 2011, Markaz Research said.

The number of major petroleum projects planned over the next decade stood at 725, a minor decrease of one project over the month.

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