UAE to spend $35bn to diversify energy sources, says minister

The United Arab Emirates 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 bin Mohammed 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 percent now to 70 percent by 2021.

The UAE plans to boost natural gas production over the next years to help meet growing domestic demand. Arabian Business