UAE to Spend $35 bn on Energy Diversification

UAE would invest $35 billion dollars to diversify energy sources and reduce dependence on imports of natural gas to generate electricity, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy said Sunday.

He said the UAE will aim to reduce its dependence on imported natural gas from current 100 percent to 70 percent by 2020-21, Emirates News Agency (WAM) reported.

Speaking at the 8th Exhibition of Electrical Industries in the Arab World, Al Mazrouei said 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.

UAE imports majority of its gas from Qatar.

Al Mazrouei stressed on the importance of rationalising energy use and said that there is a generation now with a culture of conservation, WAM reported.