UAE to invest Dh128bn to diversify energy sources

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, has affirmed that the UAE is to invest $35 billion (Dh128.45 billion) 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 per cent today to 70 per cent by 2020-2021.

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, 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.

Meanwhile, the Minister of Energy officially opened the Power-Gen Middle East (PGME) Conference and Exhibition.

The UAE’s Ministry of Energy (MOENR) has officially launched the 8th Exhibition of Electrical Industries in the Arab World (EEIAW).The event, which is taking place in the UAE for the first time, is co-located with the 13th annual Power-Gen Middle East Conference and Exhibition.

Al Mazrouei said: "The Ministry of Energy is currently collaborating with service providers, to develop an integrated strategy which aims to diversify power sources – through the use of eco-friendly power sources that do not produce any emissions of carbon dioxide ultimately achieving sustainability and reducing costs. In addition, we plan to reduce our reliance on natural gas generate electricity by no more than 70 per cent by 2021."

 

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