August 9, 2022
investments can cause oil, gas price hikes

UAE says insufficient investments can cause oil, gas price hikes

United Arab Emirates Energy Minister Suhail al-Mazrouei said on Monday insufficient investments in the oil and natural gas industry could lead to a hike in energy prices.

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Oil and gas are needed to ensure reliable supply of energy during the transition period required to implement non-carbon emitting projects, he told the Africa Oil Week conference in Dubai.

The UAE, he added, is willing to invest in African solar and wind projects, and sees potential in developing hydrogen as an energy source.

The Gulf state announced in October a plan to reach net-zero emissions by 2050, providing for 600 billion dirhams ($163 billion) in investment in renewable energy.