Cairo - Decypha: The total confirmed investments in the Middle East and North Africa (MENA) region’s energy sector has reached $1 trillion over the coming five years (2017-2022). This is despite the region's economic and political challenges, according to figures in the Arab Petroleum Investments Corporation’s (APICORP) latest report, Middle East and North Africa Energy Investment Outlook.
The total volume of investments approved and planned by the end of 2016 is equivalent to $959 billion, compared to $900 billion in 2015, marking an increase in investment activity in the MENA region by 7% in 2016, while the global energy sector declined by 24%.
Energy projects currently in progress are estimated at $337 billion by the end of 2016 while planned energy projects over the next five years (2017-2022) are worth $622 billion.
The planned energy investments witnessed a 2% increase, while the volume of energy projects in progress increased by 17%.
Total investment in energy projects currently under implementation is estimated at $337 billion over the next five years, with $121 billion in the oil sector, $108 billion in the gas sector, $91 billion in power generation projects, and $17 billion in the chemicals sector.
The GCC countries represent a total of $174 billion of committed investments, accounting for more than 50% of the total value of the sector's projects in the MENA region.
Investments planned in the MENA region over the next five years are estimated at $ 622 billion in the energy sector. The energy sector accounts for the largest share of investments at $ 207 billion, gas sector with $195 billion, oil sector $159 billion, and the remainder allocated to the petrochemical sector.
Saudi Arabia's share represents 19% of total planned investments in the region's energy sector.
By Decypha News Editorial Team
