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FinancialNews
10-04-19
Palestine to renovate Gaza Marine field
(MENAFN) Palestine Investment Fund is seeking to renovate the offshore Gaza Marine field as part of plans to have its assets record a jump of over a double in the next ten years.
As part of efforts to double its assets, the Palestinian fund will also be allocating some investments in projects with several allies.
CEO Mohammad Mustafa stated "it normally takes two to three years to develop it [an offshore gasfield]. Assuming no political difficulties, we hope to be able to start next year."
Qamar Energy CEO Robin Mills described a USD1 billion plan to rehabilitate the field as "transformational", saying that "it would be a huge development as Gaza is very short of power."
MENAFN1004201900450000ID1098368561
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