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.


Oil eases from 4-month high on global growth worries

Updated 12 min 22 sec ago
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Oil eases from 4-month high on global growth worries

  • The losses came amid worries over global economic growth after the US Federal Reserve highlighted signs of a slowing economy
SYDNEY: Oil prices edged lower on Thursday, retreating from a four-month peak, as fears of a slowing global economy weighed on market sentiment.
US West Texas Intermediate (WTI) crude futures were at $60.16 per barrel at 0040 GMT, down 7 cents, or 0.1 percent, from their last settlement. WTI had earlier hit a high of $60.19 a barrel — the highest since November 12.
International Brent crude oil futures were at $68.47 a barrel, down 3 cents from their last close. Brent touched $68.57 a barrel on Wednesday, its highest since November 13.
The losses came amid worries over global economic growth after the US Federal Reserve highlighted signs of a slowing economy.
Markets have been underpinned, however, by efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to curb supply, and losses were checked as widely watched US data showed supplies were tightening.
“Oil markets appear convinced that the continued effects of the Saudi Arabia oil production cuts and falling exports to the US will continue to outweigh the concerns of rising US production,” said Alfonso Esparza, senior market analyst at brokerage, OANDA.
US crude oil stockpiles last week fell by nearly 10 million barrels, the most since July, boosted by strong export and refining demand, the Energy Information Administration said on Wednesday.
Stockpiles fell 9.6 million barrels, compared with analysts’ expectations for an increase of 309,000 barrels. The draw brought stockpiles to their lowest since January.
Gasoline and distillate inventories both fell by more than expected. Gasoline stocks fell by 4.6 million barrels, while distillate inventories fell by 4.1 million barrels.