UAE to invest $35bn to diversify power sources
Minister of Energy Al Mazrouei says country will cut dependence on imported natural gas
Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, has affirmed that the UAE is to invest $35bn dollars to diversify energy sources and reduce dependence on imports of natural gas to generate electricity.
He said that the UAE aims to reduce its dependence on imported natural gas from 100% today to 70% by 2020/1.
In a press statement released on the sidelines of the three-day 8th Exhibition of Electrical Industries in the Arab World (EEIAW), which was launched today at the Abu Dhabi National Exhibition Centre (ADNEC), Al Mazrouei confirmed the importance of rationalising energy use and said that there is a generation now with a culture of conservation.
He said that the UAE continues to increase its oil production capacity to reach 3.5 million barrels per day by 2017, pointing out that there is no delay in this due to the fall in the price of crude oil.
Al Mazrouei also pointed out that the UAE aspires to promote the production of natural gas over the coming years to meet growing domestic demand, stressing the importance of reducing dependence on natural gas imports.