Members of the Organization of Petroleum Exporting Countries, or OPEC, will be investing heavily in downstream activities over the coming years despite uncertainty about the global economic climate, OPEC Secretary General Salem El-Badri said in the latest OPEC Bulletin.
Members of the Organization of Petroleum Exporting Countries, or OPEC,
will be investing heavily in downstream activities over the coming years
despite uncertainty about the global economic climate, OPEC Secretary General
Salem El-Badri said in the latest OPEC Bulletin.
"Over the next decade, members were expected to invest around $40 billion
in refining capacity expansion," El-Badri said according to the emailed
bulletin.
He added that in 2009, around 30 projects came onstream in OPEC member
countries, resulting in an increase of 1.5 million barrels a day in net crude
and liquids capacity. Furthermore, over the next five years 140 projects are
expected to be completed and this will add about 12 million barrels a day of
gross crude and liquids capacity.
"This represents a huge level of investment, estimated at $160 billion. However,
it should be enough to satisfy growing demand for OPEC crude, as well as
provide a comfortable cushion of capacity, which already exceeds 6 million
barrels a day," El-Badri said.
El-Badri warned that member countries from developing nations couldn't continue
to invest such large sums unless they were convinced that the demand would be
there when the capacity came onstream.
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