Saudi Arabia to invest US$318 bln in energy sector

Kingdom of Saudi Arabia has estimated an investment outlay of US$318 bln in energy over the next few years. Mega scale infrastructural developments triggered by economic reforms are underway in full throttle along with massive oil revenues in the face of globally high crude prices. US$90 bln each, will be allocated towards petrochemical projects and to power generation, US$88 bln for water desalination projects and US$50 bln for natural gas related projects. The petrochemicals sector is driven by proximity to markets or large scale projects that take advantage of low cost, secure oil and gas supplies - making it one of the world's strategic hubs for petrochemicals.
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