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MENA-based energy investments backed by soaring oil and gas prices: APICORP | |
| Staff Writer |
In the latest, energy investments in the Middle East and North Africa are expected to rise throughout 2022 due to inflated oil and gas prices, according to the Arab Petroleum Investment Corporation.
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APICORP’s MENA Energy Investment Outlook projection for the financial years 2021-2025 stands at a staggering $805 billion worth of investments with a caveat that the numbers may increase still further.
“Power sector investments in MENA are also expected to continue to thrive, with an accelerating shift towards renewables,” the statement said, citing Ahmed Ali Attiga, CEO of APICORP, which is a multilateral development financial institution.
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Investments in brownfield petrochemicals are expected to increase in light of the energy transition, sustainable and comprehensive policies are crucial to achieve adequate balance between emission reduction, energy affordability, and energy security.
The post-pandemic effects are expected to hit macroeconomic policy uncertainty, supply chain issues, volatility in commodity markets and stay through 2022.
The energy market however will continue to be stable due to higher oil production by OPEC+ and non-OPEC countries apart from an increased gas production and LNG supply.