UAE to invest $25 bn in gas development projects

    By IANS/WAM,

    Moscow : The UAE will invest nearly $25 billion on gas development projects, including exploring new gas fields and increasing gas output, in the next five years, Minister of Energy Suhail Al Mazrouei has said.

    Gas, as a clean and environmentally-friendly source of energy, will remain a major factor in the world energy supply equation and a driving force for the world economic growth, Al Mazrouei said at a summit of the Gas Exporting Countries Forum (GECF) in Moscow.

    But, he warned that any shortage of gas supplies and increase in gas prices could negatively affect the status of gas as a reliable source of energy, prompting consumers to seek other alternative sources to meet their demand.