Investments in gas, downstream, petrochemicals, renewable energy to hit US$1 mln in MENA

Countries in the Middle East and North Africa (MENA) region have a total of US$1 trillion in committed and planned investments in the energy sector over the next five years as electricity demand grows and regional economies invest more in natural gas, petrochemicals, and renewable energy, as per oilprice.com. New research from the Arab Petroleum Investments Corporation (APICORP), a multilateral development bank,  has published its ‘MENA Annual Energy Investment Outlook 2019’. As per APICORP, committed investments are investments in projects currently under execution, while planned investments refer to a country’s spending target. Investments in the MENA region are expected to be nearly US$1 trillion in 2019-2023, up by 5% compared to APICORP’s investment outlook from last year, as the energy sector in those countries is set to see a greater transition towards gas, downstream, and petrochemicals sectors, plus significant renewable energy additions.