A supertanker berths at Saudi Aramco’s Ras Tanura Sea Island Terminal, part of the Port of Ras Tanura, the world’s largest crude oil export terminal complex. Saudi Arabia will spend $173bn on energy projects through 2018, leading investment by the oil producing nations of the Middle East and North Africa, according to regional lender Arab Petroleum Investments Corp. The countries will invest $765bn, the bank known as Apicorp said in its annual review of projects in the region. “Cost inflation remains one of the most important factors driving the increase in energy investment,” it said,
estimating costs in the region have more than tripled since 2003. Saudi Arabia tops the list of committed investments in the region, for projects mostly by Saudi Arabian Oil Co and Saudi Basic
Industries Corp, followed by the UAE, with spending plans of $113bn, the inter-governmental energy bank said.
