Monday, October 05, 2015

UAE to invest 35 bln USD to diversify energy sources (official)

The United Arab Emirates (UAE) will invest 35 billion US dollars to diversify energy sources and reduce dependence on imports of natural gas, state news agency WAM reported.

Speaking at the 8th Exhibition of Electrical Industries in the Arab World, the UAE minister of energy said that the country aims to reduce its dependence on imported natural gas from 100 percent to 70 percent by 2020.

The Gulf state, which is a major oil supplier, has an ample share of its gas needs from Qatar, the world's third biggest natural gas supplier.

The minister also stressed the importance of rationalizing energy use, adding that there is a generation now with a culture of conservation.

Built in the Abu Dhabi desert, Shams solar power station, one of the world's biggest solar power plants, generating 100MW of power, was launched in March 2013. More solar plants are also currently built in the emirate of Dubai.

The minister said the UAE continues to increase its oil production capacity to 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.

He also pointed out that the UAE aspires to promote the production of natural gas over the coming years to meet growing domestic demand.

 Xinhua -

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