{"id":52631,"date":"2015-11-19T18:00:00","date_gmt":"2015-11-19T20:00:00","guid":{"rendered":"https:\/\/escaesco.com.br\/lab\/anba\/middle-east-must-invest-usd-700-bn-in-oil\/"},"modified":"2024-02-21T22:27:03","modified_gmt":"2024-02-22T01:27:03","slug":"middle-east-must-invest-usd-700-bn-in-oil","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/middle-east-must-invest-usd-700-bn-in-oil\/","title":{"rendered":"Middle East must invest USD 700 bn in oil"},"content":{"rendered":"<p>S&atilde;o Paulo &ndash; The Saudi Oil minister, Ali Al-Naimi, estimates that USD 700 billion will be required to finance energy industry projects in the Middle East over the next ten years, <em>Emirates News Agency (WAM)<\/em> reported this Thursday (19th).<\/p>\n<p>&ldquo;Arab countries need to invest in the various stages of the oil industry, especially since these countries, whether oil-producing or non-oil-producing, are all in need of energy sources to fuel the continued economic growth and provide the basic needs of life,&rdquo; said the minister during a seminar on the future of the energy industry in the Middle East and North Africa, held in Manama, Bahrain. <\/p>\n<p>According to <em>WAM<\/em>, the Arab world consumes roughly 9 million barrels of oil per day, which means close to 10% of the global total, but is home to 56% of proven reserves in the world. As for natural gas, the region holds 27% of the global total. These reserves, according to Al-Naimi, are poised to increase over the next few years as a result of new discoveries and production technology advances. <\/p>\n<p>&ldquo;As you know, the economies of all Arab countries, including non-oil-producing countries, are closely interconnected in various areas such as trade, investment, tourism, and the movement of labor, which means that these economies are correlated to oil and gas production and price levels,&rdquo; WAM quoted the minister as saying. <\/p>\n<p>And in order for the oil industry to keep expanding in the region, he stressed the need for &ldquo;development of appropriate financing solutions that would maintain and raise the level of production and increase oil reserves.&rdquo; &ldquo;The fact that the funding needed for energy projects in the Middle East is estimated at 700 billion dollars over the next 10 years shows how important it is to provide adequate funding for such projects,&rdquo; he said.<\/p>\n<p>The seminar was organized by the Arab Petroleum Investments Corporation (Apicorp), an organization established in the 1970 to ensure financing to oil industry projects across the region. <\/p>\n<p><strong>*Translated by Gabriel Pomerancblum<\/strong><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-179669\">Mohammed Al-Shaikh\/AFP<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The sum will be needed for projects over the next ten years, according to the Saudi minister of Oil, Ali Al-Naimi.<\/p>\n","protected":false},"author":2316,"featured_media":179669,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-52631","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"wps_subtitle":"The sum will be needed for projects over the next ten years, according to the Saudi minister of Oil, Ali Al-Naimi.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/52631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=52631"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/52631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/179669"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=52631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=52631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=52631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}