Regional energy investments expected to grow

Regional energy investments expected to grow

Muscat: Energy investments in the Mena region are expected to continue to grow on the strength of higher oil and gas prices throughout 2022, according to a new report. "The uptick in regional energy investments, which registered a $13 billion increase in Apicorp's latest five-year outlook issued in the second quarter of 2021, will continue over the mid-term," the Arab Petroleum Investments Corporation (Apicorp) said in a report outlining the key trends that are expected to shape the Middle East and North Africa (Mena) energy markets landscape this year. Among the trends the report examines is the impact of oil and gas prices on energy investments in the region and the main factors weighing down on broader economic recovery. "Despite the volatility in commodity prices which is expected to persist throughout 2022, the good news in the short-term is that oil and gas prices will likely remain elevated throughout the year, providing support for energy investments including renewable energy and ESG-related projects," Dr Ahmed Ali Attiga, CEO of Apicorp, said. "Power sector investments in Mena are also expected to continue to thrive, with an accelerating shift towards renewables. Collectively, the region is expected to add nearly 20 GW of solar