Abu Dhabi’s investments in its massive hydrocarbons sector surged to a record high of more than Dh43 billion in 2010 as the emirate is pushing ahead with mega projects to expand output capacity, official data showed.
The investments last year were nearly 29 per cent above the capital pumped in 2009 and more than double the oil investments in 2008 when crude prices climbed to their highest average of nearly $95 a barrel.
The figures, published in Abu Dhabi’s yearbook released this week, showed the total fixed capital formation in the emirate’s hydrocarbon industry stood at Dh43.7 billion in 2010, up from Dh33.9 billion in 2009 and Dh18.5 billion in 2008. They were nearly six times the emirate’s oil investments of Dh7.2 billion in 2005.
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