UAE will invest $35 billion to diversify energy sources

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Monday 05 Oct 2015 - 11:28 Makkah mean time-22-12-1436 Getty image Abu Dhabi (IINA) – UAE Minister of Energy Suhail bin Mohammed Al Mazrouei has affirmed that his country will invest $35 billion to diversify energy sources and reduce dependence on imports of natural gas to generate electricity, Emirates News Agency (WAM) reported. He said that the UAE aims to reduce its dependence on imported natural gas from 100 percent at present to 70 percent 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), launched on Sunday at the Abu Dhabi National Exhibition Centre, Al Mazrouei confirmed the importance of rationalizing energy use, saying that there is a generation now with a culture of conservation. Al Mazrouei also noted that the UAE aspires to promote the production of natural gas over the coming years to meet growing domestic demand and stressed the importance of reducing dependence on natural gas imports. "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,” Al Mazrouei said. “In addition, we plan to reduce our reliance on natural gas to generate electricity by no more than 70 percent by 2021," he added. AB/IINA