Planned gas investments in MENA jump by 29% compared to last year : APICORP

Planned gas investments in MENA jump by 29% compared to last year : APICORP

Regional Developments2020 is witnessing one of the biggest gas demand shocks on record, with a year-on-year (y-o-y) reduction of 4% globally. This stands in stark contrast to 2019, which was a record year for liquefied natural gas (LNG) 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% compared to the pre-COVID-19 estimate of 1.8%.

Despite the global demand shock, the MENA region's committed gas investments held steady compared to last year. Planned investments meanwhile increased by 29% to reach USD126 bn, mainly due to the strong ongoing regional gas drive for cleaner power generation and improved monetization as a feedstock for the industrial and petrochemicals sectors. Notably, the petrochemicals sector witnessed a y-o-y increase