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Algeria to be 3rd largest oil investor in MENA next 5 yrs  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 10/10/2012

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(MENAFN - Kuwait News Agency (KUNA)) Algeria will be the third largest energy investor in the North Africa and Middle East (MENA) region in the next five years, a report said Tuesday.

Algeria will invest more than USD 71 billion on energy in 2013-17, next to Saudi Arabia, USD 165 billion, and the United Arab Emirates (UAE) with USD 107 billion, the report, issued by the Arab Petroleum Investments Corporation, an offshoot of the Organization of Arab Petroleum Exporting Countries (OAPEC).

This Algerian energy investment, the report cited by official news agency as saying, would enable the north African country to surpass Iran, Iraq and Qatar.

Generally speaking, the report noted, energy investment by regional oil producing countries was expected to be USD 740 billion between 2013-17.

Regional oil producing countries will finance their own projects if the OPEC oil basket averaged more than USD 100 per barrel.

 






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