Planned gas Investments in MENA jump 29% to $126bln despite pandemic

SectorOil & Gas
CountryMiddle east

On the demand fluctuations, Apicorp said that 2020 is witnessing one of the biggest gas demand shocks on record, with a year-on-year reduction of four per cent globally. “This stands in stark contrast to 2019, which was a record year for liquefied natural gas (LNG). The 2020 global crisis is expected to reduce the annual growth rate for global gas demand during 2020-24 to 1.5 per cent compared to the pre-COVID-19 estimate of 1.8 per cent,” it added.The major driver behind the gas investment uptick is the region’s governments. “The share of government investments in committed and planned gas projects (92 percent) is higher than it is in the petrochemicals sector (72 percent),” the report said.With the decrease in gas demand putting fiscal pressures on government and private sectors alike, more...