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FINANCIAL NEWS
UAE to continue investing in oil, gas sector
25 Nov 2014
(MENAFN) The UAE’s Ministry of Energy has announced that the falling oil prices has not impacted the country’s economy nor it will affect its plans to continue investing in the oil and gas sector to deal with the demand for energy, Gulf News reported.
“We will deal with this issue at our meeting this week. The drop in prices has benefited oil consuming countries while the UAE economy has not been impacted. We will continue to invest in the oil and gas sector,” The UAE’s Minister of Energy said to reporters.
The Ministry said that this is not the first time the prices of oil dropped and that the country’s diversification plan has resulted in the contribution of oil revenue towards the UAE’s Gross Domestic Product (GDP) to become less than 30 per cent.
The UAE, which produces around 2.8 million barrels of oil per day, has said that it will increase the capacity to 3.5 million barrels per day by 2017, with plans that the country will start producing gas from Al Hosn Gas field.
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