Arab oil investments need $ 300 billion; regional policy urged

Arab oil sources have stressed that the oil and gas industry in the Arab states needs are estimated for investments are estimated at more than $ 300 billion over the next 20 years.

However, current total production of oil in the Arab states is more than 20 million barrels every day at a value of $ 150 billion annually. One quarter of this amount is consumed annually in the Arab states.

In a discussion forum currently held in Beirut, the Egyptian minister of oil Sameh Fahemi proposed several suggestions to support Arab cooperation in the area of oil and gas. Among these proposals are the need of laying a pan Arab strategic perspective for the oil, gas and petrochemical industry in order to achieve integration between Arab oil producing and consuming states, making use of the successful European example on regional cooperation in this regard and the need of drawing Arab mechanisms to execute a successful Arab example on joint cooperation.