United Arab Emirates to double oil output in 7 years
Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan said his country had already initiated steps to boost productionbusiness Updated: Apr 10, 2007 17:23 IST
The United Arab Emirates (UAE) is set to increase its oil production to over five million barrels per day (bpd) within the next seven years.
Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan, in Beijing on an official visit, said his country had already initiated steps to boost production, which at present "is over 2.5 million bpd," the WAM news agency reported.
"Our current production is over 2.5 million (bpd) and the country is set to increase output to over 5 million (bpd) within the next 7 years", said Sheikh Abdullah in remarks during a meeting here with Chen Deming, vice chairmen, National Development and Reform Commission (NDRC). He added that the UAE was endowed with massive renewable energy resources.
He also revealed that the UAE had an ambitious plan to exploit solar energy and that a 500 mw power plant would be set up in cooperation with Tokyo University.
The idea is to reduce pollution from the oil industries by at least 40 per cent.
The Chinese minister thanked the UAE for helping stabilize world oil prices by ensuring regular supplies.