UAE: Crude, gas sectors require over USD600B of yearly investments

(MENAFN)The international fuel and gas sector needs over USD600 billion of investments yearly to accompany increasing demand for power while all countries shift to greener energies, stated Adnoc–s managing director and group chief executive. Dr Sultan Al Jaber declared, the Minister of Industry and Advanced Technology as well, "After almost a decade of underinvestment in our industry, the world has sleepwalked into a supply crunch. It is time to wake up.– Dr Sultan said to the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), –As economies bounce back from the Covid-19 pandemic, at the fastest rate in two years, demand has outpaced supply. The oil and gas industry will have to invest over $600bn every year ... until 2030 ... just to keep up with expected demand.–