uae plans to pump 98 billion in oil
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

UAE plans to pump $98 billion in oil

Arab Today, arab today

Arab Today, arab today UAE plans to pump $98 billion in oil

Dubai - Qna

The United Arab Emirates is planning to pump nearly $98 billion into hydrocarbon projects involving expansion of its crude output capacity and development of the gas industry, according to a regional bank report. The investments account for nearly 28 per cent of the total capital of around $353 billion approved by the six-nation Gulf Cooperation Council (GCC) for projects in the oil and gas sector, the UAE-daily (Emirates Business) reported Monday, citing an investment report issued by the Kuwait-based Global Investment House (GIH). It said the UAE investments cover 116 major projects, including the giant Tacaamol – Al-Gharbia Chemicals Industrial City venture that is currently in planned phase, with an estimated budget of $20 billion. Another major upcoming project is the ZADCO oilfield development and has an estimated budget of $10 billion, it said. It gave no other details but the UAE has been locked in a massive expansion program to tap its huge gas resources of more than six trillion cubic meters, the world’s fifth largest after Russia, Iran, Qatar and Saudi Arabia. The projects also involve boosting the country’s crude production capacity to nearly three million barrels per day within two years and 3.5 million bpd by 2015. The UAE’s current capacity is estimated at 2.7 million bpd while its proven oil deposits are officially put at 98 billion barrels. Saudi Arabia accounts for more than 60 per cent of the GCC’s total hydrocarbon projects, with planned investment of around d $215 billion covering 147 major ventures, GIH said. It said the projects are focused heavily on the upstream oil and gas segment, including the massive Yanbu Integrated Refinery and Petrochemicals Complex that is currently in the study phase at a cost of $20 billion. Another major upcoming project is the Jizan Refinery Project that has an estimated budget of nearly $seven billion. "In order to continue to benefit from previous high oil prices, GCC countries are concentrating on expanding their output," GIH said. "As of today total value of planned projects in the regional hydrocarbon sector is estimated at $353 billion despite this optimistic scenario, project postponement and cancellation trend continues to plague the market." (QNA) LY

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae plans to pump 98 billion in oil uae plans to pump 98 billion in oil

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae plans to pump 98 billion in oil uae plans to pump 98 billion in oil

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday