Planned MENA energy investments will total $792m over 5 years - Arabianbusiness

Planned MENA energy investments will total $792m over 5 years - Arabianbusiness:

Planned and committed investments in the MENA region’s energy sector will exceed $792 billion over the next five years, approximately $173 million less than previous outlooks, according to a new report from the Arab Petroleum Investments Corporation (APICORP).

According to the report, the overall decline – which is mostly in planned investments – is largely a result of the Covid-19 pandemic, the oil crisis, and a looming financial crisis.

Despite these circumstances, however, the GCC region’s committed investments increased by 2.3 percent, compared to a 6 percent overall decrease in the MENA region as a whole, indicating a higher project execution rate in the AGCC.

“The impact of Covid-19 is already deeper lasting than past downturns. Indeed, the nature of this triple crisis and the profound restructuring in oil and gas will hit energy investments for a potentially long period of time, sowing the seeds of supply crunches and price volatility,” said Dr. Ahmed Ali Attiga, the CEO of APICORP.