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UAE plans to invest $25b in gas sector
Gas, as a clean and environmentally-friendly source of energy, will remain a major factor in the world energy supply equation and a driving force for the world economic growth, Suhail bin Mohamed Faraj Fares Al Mazrouei, the UAE Minister of Energy affirmed at the second summit of the Gas Exporting Countries Forum (GECF) in Moscow.
In his address at the oil meeting, Al Mazrouie said that the UAE would invest nearly $25 billion on gas development projects in the next five years to explore new gas fields and increase gas output. In the same context, he added that several UAE oil and gas companies were investing in gas development and production projects in different countries.
The potential role of gas in the world energy mix rests on the availability of frequent supplies at affordable prices, Al Mazrouie said. But, he warned that any shortage of gas supplies and increase in gas prices could negatively affect on gas status as a reliable source of energy, prompting consumers to seek other alternative sources to meet their demand.
Likewise, he noted, maintaining a balance in the world gas market could diversify gas uses and attract more investment for upstream and downstream sectors. —
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