Energy investment in the Middle East and North Africa will reach 1 trillion US dollars by 2023
With the growth of electricity demand and the increase of regional economic investment in natural gas, petrochemical and renewable energy, the total commitment and planned investment in the energy sector in the Middle East and North Africa (MENA) region will reach 1 trillion US dollars in the next five years.
This is the main point of a new study by the multilateral development bank APICORP, which has just released the "MENA annual energy investment outlook 2019" for the period 2019 to 2023.
It is estimated that the energy investment in the Middle East and North Africa region from 2019 to 2023 will reach nearly 1 trillion US dollars, an increase of 5% compared with the investment prospect of APICORP last year, as the energy departments of these countries will increase their investments in downstream natural gas, petrochemical products and important renewable energy.
According to the bank, the planned investment accounted for the majority of the 1 trillion US dollars, about 613 billion US dollars, while other projects raised the rest.
Of all investments in 2023, about US$ 348 billion will be spent on the electricity sector, accounting for the largest share of the investment, about 36%; The second is the oil sector, with investment in the upper, middle and refining sectors at US$ 304 billion, of which US$ 138 billion is committed investment. Investment in the natural gas industry in the Middle East and North Africa will reach US$ 186 billion, of which US$ 87 billion is committed to investment. Investment in the petrochemical industry will exceed US$ 123 billion, including US$ 33 billion in ongoing projects.
Unsurprisingly, Saudi Arabia's plan and the largest market for promised investments in the energy sector between 2019 and 2023 account for about 148 billion US dollars, of which 37 billion US dollars are promised investments and 111 billion US dollars are planned investments.
APICORP said that outside the Gulf Cooperation Council (GCC), Iraq is focusing on rebuilding its energy infrastructure, while Egypt is expected to give priority to investing in upstream natural gas and electricity industries to meet growing demand.
The Gulf Cooperation Council, which includes Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman, has been planning and promising projects on a declining scale because large-scale projects have been launched.
Source: Cable Network