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.
