Windfall: Gulf states projecting a 31.2 percent budget surplus in 2008
ABU DHABI — Saudi Arabia and the other gulf states plan to spend $250 billion to expand crude oil production and refinery capacity, according to a new report.
The report said Gulf Cooperation Council states were expected to
achieve a 31.2 percent budget surplus and an economic growth rate of 7.5 percent in 2008, according to the report. In 2007, the average surplus was 28 percent.
Riyad also
aims to expand its refining capacity by 43 percent to six million barrels
per day, according to the report released by
the Federation of GCC states Chambers of Commerce and Industry.
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The Saudi kingdom plans to invest $80 billion to increase its
oil production capacity to 12.5 million barrels per day, the report said.
Other GCC states will invest about $170 billion in
their energy sectors over the next few years.
"We also expect tremendous growth in the industrial and service
sectors," the report said.
