Minister of Energy confirms UAE's commitment to strengthen its role as major oil and gas producer

Doha - Mohammed bin Dhaen Al Hamili, Minister of Energy, has stressed UAE's commitment to maintain and strengthen its role as a major oil and gas producer, highlighting that oil will continue playing a prominent role in the global energy for many decades to come. Addressing a meeting held yesterday in Doha in the framework of the World Petroleum Congress, "Our commitment to widening diversification of our domestic energy and promotion of the renewable energy, does not mean we neglect the oil industry." He also noted that despite expectations that the contribution of oil share will fall from 34 per cent to 28 per cent, the demand will continue to reach over 109 million barrels per day in 2035. Following is the full text of speech of UAE Minister of Energy: Your Royal Highnesses, Excellencies, Ladies and Gentlemen, "I would like to start by thanking the Government of the State of Qatar and the World Petroleum Council for inviting me to address this important global event. Today's theme, Energy Solutions from the Middle East, shows our region has become a generator and an exporter of ideas and solutions for global energy markets, in addition to being a regional energy production hub . Nowhere is this truer than in the UAE which in recent years has announced a wide range of energy initiatives that go beyond our traditional role as a leading oil and gas producer. The exceptionally fast pace of our economic development over the last few decades has given the UAE a unique perspective as both a major energy producer and a growing energy consumer. For example, our national annual peak demand for electricity is set to more than double by 2020 and demand for other forms of energy has been growing. Our growing population and fast-moving industrial developments have forced us to choose between continuing burning fossil fuels which would otherwise be exported and finding complementary energy solutions for use at home. We realized that by widening our domestic fuel mix, we could release more hydrocarbons for export. Two years ago, we took a major step in complementing our traditional energy portfolio when the Emirates Nuclear Energy Corporation awarded a major contract for the construction of four new 1,400 megawatt nuclear power stations." "The UAE firmly believes that the nuclear power represents an important clean energy source that should be developed along with other clean fuels. We have been able to embark on an important civilian nuclear energy programme in close collaboration with the IAEA in Vienna. The first plant will be commissioned in 2017 and the objective is for nuclear energy to eventually account for 25 percent of the UAE's power requirements. We believe that the best way of securing a sustainable economic future in a carbon constrained world is to develop a balanced portfolio of clean energy sources in which nuclear, renewable energy, oil and natural gas all have a role to play. In addition to nuclear energy, the UAE is geographically well placed to utilize solar energy to the maximum and the emirate of Abu Dhabi has recently set a target of generating 7 per cent of its energy needs from renewable sources. Already, Masdar Power is developing the 100MW Shams One Concentrated Solar Power plant in the Western Region of Abu Dhabi which, when completed, will be the largest such unit in the world. Masdar is also developing a 30MW wind farm and a Photovoltaic array on Sir Bani Yas Island. In addition to measures to improve its energy mix at home, the UAE is seeking to promote a sustainable future in the world as a whole. As many of you know, Masdar is at the heart of a multi-billion dollar initiative to create a global cooperative platform for open engagement in the search for solutions to some of mankind's most pressing problems: energy security, climate change and human expertise in sustainable development. For example, Masdar's research arm, the Masdar Institute has teamed up with the Massachusetts Institute of Technology to launch a range of research programmes focused on the science and engineering of advanced alternative energy, environmental technologies and sustainability. Masdar is building the world's first low-carbon city built on sustainable principles in Abu Dhabi and among the first tenants will be the Masdar Institute which will eventually host 200 faculty members and 600-800 graduate students studying to gain advanced degrees (Masters '&' PhDs). Another important tenant will be the International Renewable Energy Agency, now headquartered in Abu Dhabi. The objective of the UAE's energy policy is not just to reduce carbon emissions at home but also to play a leading role in the development of innovative new technologies that can effectively contribute to substantial reduction of global warming. Our commitment to renewable energy at home is matched by our firm belief that there is an important future for renewable energy across the world. Our vision is to be seen as enablers and promoters of the global uptake of renewable energy, as well as providing a platform for research into emerging renewable energy technologies." - Emirates News Agency, WAM