Gas and petroleum sectors in Arab countries need $120 billion

The general manager of the Arab company for the petroleum investments, Nour El-Din Farrag, estimated the financial needs in Arab states' gas and petroleum sectors through the year 2003 at about $120 billion, without counting the investment in the gas and the petroleum sectors.

Farrag noted "two main trends in the financing fields. The first is represented in working on arranging the Arab financial markets as future sources to finance the gas and the petroleum projects, while second trend is to support the financial corporations' role in financing the projects."

Farrag asked the Arab states to set up workshops for experts in Arab financial markets to find the best methods for the practical application of supporting funding.

Farrag also urged the Arab authorities to adopt a far ranging policy that aims at raising the required minmimal capital amount for Arab banks during this century and to think ahead in moving governmental banks to the private sector to increase competitiveness.