Abu Dhabi: The United Arab Emirates is investing $35 billion (Dh128 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.
Workers tend to a well head during a hydraulic fracturing operation at an Encana Oil & Gas (USA) Inc. gas well outside Rifle, in western Colorado. The Obama administration is proposing a rule that would require companies that drill for oil and natural gas on federal lands to publicly disclose chemicals used in hydraulic fracturing operations. The new "fracking" rule replaces a draft proposed last year that was withdrawn amid industry complaints that federal regulation could hinder an ongoing boom in natural gas production.
Image Credit: AP
