AGCC region receives $ 9.3 bn in oil investments

Jan 28, 2003 01:00 AM

During the last 18 months about $ 9.36 bn worth investments went into the refineries and petrochemical projects in the AGCC region, while another huge investments of $ 16.70 bn is in pipeline, the 4th Conference on Refining and Petrochemicals, being held, in Abu Dhabi, heard.

Well structured petrochemical projects in the region are world class in terms of competitiveness, but the regional political situation has had some negative impact the delegates were told.
Declan Hegarty, assistant director of project finance at the Hong Kong and Shanghai Banking Corporation (HSBC), said: "During the last 18 months huge investments were made into the refineries/petrochemical projects, but in future the projects in pipeline are even bigger only in the UAE $ 2500 mm Dolphin Gas/LNG project is on line while in the Power sector two more mega projects of Umm Al Nar 's IWPP venture would cost $ 1200 mm and Mirfa's project $ 1,000 mm.”

Speaking on the emerging trends in the market for petrochemical project funding, Declan Hegarty said, there has been increase demand for funds for such projects. He said that there has been continued cost competitiveness of the projects with increasing plants size, down stream development and reducing capital costs.
He was of the view that there has been diversification of markets also due to market dynamics and competitive pressure.

Source: Khaleej Times
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