BBME2024: Hydrocarbon Projects Still Dominate Region's Energy Landscape

Oil and gas projects continue to dominate the project landscape in the Middle East, accounting for nearly 64 percent of total energy projects across the region.

Capex in energy projects currently under development in the MENA region totals an estimated US$1.43 trillion, according to a report from the Energy Industries Council (EIC), made available during Breakbulk Middle East in Dubai.

By sector, planned investments were as follows:

Oil & Gas: 63.9 percent
Energy transition (including hydrogen, CCS, and energy storage): 11.7 percent
Power: 11.4 percent
Renewables: 10.1 percent
Transmission and distribution: 2.9 percent

By country, Egypt, the UAE, and Saudi Arabia were among those with the highest share of projects, accounting for 15.2 percent, 14.6 percent, and 13.7 percent of projects, respectively.

The report highlighted several notable projects, including ADNOC’s US$3 billion West to East Pipeline (WEP) with ENPPI the preferred bidder for the EPCM contract, the Alujain Corporation Petrochemical Complex in Saudi Arabia where LyondellBasell has acquired a 35 percent stake in the venture for about US$500 million, and a US$2.64 billion expansion project at the Zarqa oil refinery in Jordan to boost capacity to 120,000 barrels per day.

Despite the dominance of fossil fuels in the energy mix, the MENA region can look forward to some major investment in hydrogen, renewables, and other energy transition technologies, the report said.


Breakbulk Europe 2024 is happening on 21-23 May at Rotterdam Ahoy.

PHOTO CREDIT: Blue Bell Shipping.