MENA region needs to spend $260 billion for power production, report says

A Saudi man talks on his mobile under the shade of solar panel at a solar plant in Uyayna, north of Riyadh, on March 29. APICORP said that countries in the region are increasingly resorting to clean energy sources like solar and nuclear to produce electricity. (AFP)
Updated 17 April 2018
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MENA region needs to spend $260 billion for power production, report says

DUBAI: Middle Eastern and North African countries need to spend $260 billion over the next five years for electricity production to meet rising demand, a report said on Tuesday.
The region, which includes oil heavyweights Saudi Arabia, Iran and Iraq, must make the investments to add 117 gigawatts (GW) of power generation by 2022, Arab Petroleum Investment Corp. (APICORP) said.
The Dammam-based energy development bank said $152 billion is needed for electricity generation and the rest for transmission and distribution projects.
It estimated that power capacity in the Middle East and North Africa, currently standing at 321 GW, needs to expand by 6.4 percent on average annually by 2022 to meet growing demand.
The six nations belonging to the Gulf Cooperation Council (GCC) — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — need to spend $89 billion to add 43 GW over the next five years, according to APICORP estimates.
The UAE and Saudi Arabia lead the way with expected investments worth $33 billion and $21 billion, respectively, it said.
Iran needs to add 25 GW of power to its current capacity of 77 GW with estimated investments of $50 billion, according to the report.
Iraq, another oil-rich country, is required to invest $39 billion to add 12 GW of electricity by 2022, it said.
Egypt, the most populous country in the region, is estimated to need $46 billion of investments to add 22 GW of power to raise its capacity to 60 GW in 2022.
APICORP said that countries in the region are increasingly resorting to clean energy sources like solar and nuclear to produce electricity.


General Motors Korea and union to hold new round of wage talks

Updated 9 min 15 sec ago
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General Motors Korea and union to hold new round of wage talks

SEOUL: General Motors’ South Korean unit and its labor union are set to hold another round of wage talks on Friday afternoon, keen to stave off a threat by the US automaker to seek bankruptcy for the loss-making unit.
GM, which in February announced its plan to shut down one of its plants in Korea, wants wage concessions from its labor union as well as government funding and incentives to save three other factories in the country.
The Detroit automaker has said the unit is likely to file for bankruptcy if there was no restructuring agreement by Friday. Marathon talks on Thursday failed to reach an agreement.
The two sides will hold another round of talks at 1 p.m. Korea time (0400 GMT), a union official said, adding that the most thorny issue is job security for 680 workers at the Gunsan factory that is due to be closed by May.
“We don’t want a disaster. We still have to keep in mind the worst situation,” he said, declining to be identified due to the sensitive nature of the talks.
“Today is an important day and we will concentrate our efforts on the negotiations.”
Any deal reached would be subject to a vote by union members in the coming days.
If they fail to reach a deal, GM Korea plans to hold a board meeting at around 8 p.m. to discuss a plan to file for bankruptcy protection for the operation, a source familiar with the matter said, also declining to be identified.
GM Korea is “committed to reach a tentative agreement with the labor union today to support the plan to make the company profitable and viable for the long-term,” said company spokesman Park Hae-ho.