OPEC nations plan $50bn investment in downstream

29 May 2008 13:38  [Source: ICIS news]

DUBAI (ICIS-news)--OPEC countries are investing more than $50bn in improving their downstream industries, through establishing new projects including petrochemicals, said an official from the organisation Dr Hasan Qabazard.

 

OPEC countries were increasing their downstream sector through the expansion of existing plants or the building of new capacities to total up to an extra 3m bpd (barrels per day) of output, said Qabazard, the director of OPEC research division, at the second luncheon of the Emirates Association for Energy Economics (EAEE) here.

 

Meanwhile, Dr Fatih Birol, chief economist at the International Energy Agency, emphasised the role of India and China in determining not only the future direction of the oil market but the downstream industry as well.

 

Established in 1977, the International Association for Energy Economics (IAEE) is an international non-profit professional organisation whose members include business, government, academic and other professionals concerned with energy and related issues. EAEE, the UAE affiliate of IAEE, was set up in August 2007.

By: Abdelghani Henni
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