UAE to spend $35 billion to diversify energy sources

Reuters

The UAE is investing $35 billion to diversify its energy resources and reduce its dependence on natural gas imports for power generation, the country’s energy minister said on Sunday.

“We need to minimise our reliance on natural gas and its imports,” Suhail Al Mazroui said at an energy event.

“We are investing $35 billion for that purpose,” he said, adding the aim is to decrease the Opec member’s dependence on natural gas from 100 per cent now to 70 per cent by 2021.

The UAE plans to boost natural gas production to help meet growing domestic demand.

More to follow.

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