MENA Gas Investments Hit $126 Billion In 2020

SourceAl Bawaba
SectorOil & Gas

  The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, released its MENA Gas & Petrochemicals Investments Outlook 2020-2024 on the MENA region’s planned and committed investments for the period 2020 to 2024. This year is witnessing one of the biggest gas demand shocks on record, with a year-on-year (y-o-y) reduction of 4 percent globally. This stands in stark contrast to 2019, which was a record year for liquefied natural gas (LNG) Final Investment Decisions (FIDs). The 2020 global crisis is expected to reduce the annual growth rate for global gas demand during 2020-24 to 1.5 percent compared to the pre-COVID-19 estimate of 1.8 percent. Despite the global demand shock, the MENA region’s committed gas investments held steady compared to last year. Planned investments meanwhile increased by 29 percent to reach USD126 more...