Azerbaijan, Baku, Aug 24 /Trend A.Taghiyeva/
Arab Gulf countries plan to invest $252 billion in their energy sector over the next five years, the Cooperation Council of the Gulf States said on Friday.
'Part of the investment is provided for the increase of electricity production', the report said.
The construction of new power plants to enable electricity production to increase by 70 per cent is planned. This in turn will reduce dependence on imported electricity to the Arab Gulf countries.
In this case most of the investment will be directed to the sector of oil and oil products. It is planned to build a large oil refinery and the development of new deposits by local and foreign companies. Arab Gulf countries will allocate 60 per cent of the investment for these projects.