MARCH 11, 2005
Shell to invest $12 bn in Gulf
IANS FRIDAY,
ABU DHABI: Global energy major Royal Dutch Shell will invest $12 billion in the Gulf region over the next eight years, Xinhua says.
Shell's Dubai-based Gulf regional headquarters said the Anglo-Dutch firm had invested $2.6 billion over the past five years in various oil and gas projects in the region.
Shell's regional CEO Ron van der Berg said the new investment underscored the company's long-term commitment to the region, Khaleej Times reported Friday.
"We are committed to long-term partnerships with Gulf governments and their national oil companies," said Berg, revealing that the central part of the $12 billion investment plan would be Shell's new commitments in Qatar.
Besides, Shell will commission two offshore fields - Soroosh and Norwooz - in Iran besides pursuing other oil and gas opportunities in the country.
The group has also undertaken feasibility studies for a reservoir and a gas master plan for the Iraqi oil ministry, the official said.
In Saudi Arabia, Shell is one of the largest foreign investors with five major joint ventures for exploring gas and associated liquids.
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