UAE to spend $35 bln to diversify energy sources

UAE Energy Minister Suhail bin Mohammed al-Mazroui. (File photo: Reuters)

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 minimize 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.

Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46