Persian Gulf countries plan to invest $252 billion in their energy sector

Persian Gulf countries plan to invest $252 billion in their energy

sector over the next five years, the Cooperation Council of the Gulf

States said on Friday, Trend reports.

'Part of the investment is provided for the increase of electricity

production', the report said.

The construction of new power plants to enable electricity production

to increase by 70 per cent is planned. This in turn will reduce

dependence on imported electricity to the Persian Gulf countries.

In this case, most of the investment will be directed to the sector of

oil and oil products. It is planned to build a large oil refinery and

 develop new deposits by local and foreign companies.

Persian Gulf countries will allocate 60 per cent of the investment for

these projects.