Saudi, Hungarian defense ministers discuss military ties    Al-Rajhi: Cabinet's decision is supportive to most vulnerable groups    King Salman appoints Dr. Majid Al-Fayyad as Royal Court advisor    Alkhorayef emphasizes Saudi Arabia's growing role as global industrial investment hub    Saudi Arabia adopts World Drowning Prevention Day as national health priority    GACA imposes SR2.8 million in fines for 87 civil aviation violations in Q2 2025    Desperate Gaza doctors cram several babies into one incubator as fuel crisis reaches critical point    ICC issues arrest warrants for Taliban leaders over women's rights violations    Syria issues appeal to EU for help battling massive wildfires along northwestern coast    Total e-messages sent to parties in lawsuits reach over 11.8 million during first half of 2025    3 arrested in assault case in Riyadh    New Property Ownership Law will take into effect in January 2026 Al-Hogail thanks King and Crown Prince for the updated law    HONOR returns to Esports World Cup as Official Smartphone Partner for 2025 The renewed commitment will see HONOR elevate mobile esports competition with cutting-edge AI technologies and industry-leading hardware    Riot Games responds to match-fixing allegations in VALORANT    BLAST responds to BESTIA Visa controversy ahead of CS2 Austin major    Christophe Galtier named NEOM SC head coach ahead of historic Saudi Pro League debut    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    BTS are back: K-pop band confirm new album and tour    Michelin Guide launches in Saudi Arabia with phased rollout in 2025    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



GCC countries to invest $272b in energy by 2015
Published in The Saudi Gazette on 09 - 11 - 2010

ABU DHABI: Planned energy investments in Gulf Cooperation Council (GCC) countries are set to reach $272 billion by 2015, the chairman of the GCC Energy Working Group told a conference Monday.
Of the total, $111 billion of those investments are planned in the upstream and downstream oil sectors and $108 billion for the gas value chain, Majid Abdullah Al-Moneef said.
The remaining $53 billion will be invested in water and power in the region, said Al-Moneef, who is also a member of the economic and energy committee of the consultative assembly of Saudi Arabia.
“These investments ... are to meet the world demand, domestic consumption and (energy) diversification drive,” he said.
The current oil production of GCC countries is going to rise to 1.6 million barrels per day by 2015, and the excess capacity of the region, estimated at 5 million barrels per day, is to remain at that level until then, he said.
“But thereafter by 2030, it would decline to 2-2.5 million barrels per day,” he said.
The six members of the GCC include Bahain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates
Oil prices slipped Monday as a stronger dollar and the euro's weakness amid renewed euro zone debt concerns helped pull oil from a two-year peak above $87 a barrel.
The euro fell as investors fretted anew about budget problems in Ireland and other euro zone weak links. Last week's better-than-expected US jobs data also prompted dollar purchases, strengthening the dollar index measuring the greenback against a basket of currencies.
The dollar fell to a 9-1/2 month low against the euro after last week's Federal Reserve announcement that the central bank would buy $600 billion of Treasuries by mid-2011 to lower interest rates and reinvigorate a sluggish economy.
US crude for December delivery fell 30 cents to $86.55 a barrel at 1654 GMT, off its earlier $87.49 intraday peak, the highest price since $89.82 was struck on Oct. 9, 2008. Monday's pull back by oil stalled at Friday's $85.96 low, a broker noted.
US crude prices on Friday marked five straight higher settlements and posted a 6.6 percent gain for the week, the biggest percentage gain since the week to Feb. 19.
ICE December Brent crude fell 11 cents to $88 a barrel.
Separately, Yemeni Deputy Minister of Technical Education and Vocational Training Alawi Ba-Faqih met in Sana'a Monday with the Saudi Fund for Development (SFD)'s delegation, led by Technical Department's officials.
The two sides discussed the level of achievement in the vocational and technical institutes' projects.


Clic here to read the story from its source.