MENA sees 29% higher planned gas investments despite demand shock

MENA sees 29% higher planned gas investments despite demand shock

Mubasher: The MENA region's committed gas investments remained steady in 2020 compared to last year, despite the severe drop in global demand, a report released by the Arab Petroleum Investments Corporation (APICORP) showed on Monday.

In the meantime, planned investments grew by 29% to $126 billion, primarily supported by "the strong ongoing regional gas drive for cleaner power generation and improved monetisation as a feedstock for the industrial and petrochemicals sectors“, according to the MENA Gas and Petrochemicals Investments Outlook 2020-2024 report.

The report showed that 2020 saw one of the largest gas demand shocks on record as global demand slid by 4% year-on-year (YoY), in contract to 2019 which marked a record year for liquefied natural gas (LNG) final