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The recent decision by the US Congress to lift the 40-year ban on its oil export will not affect market fundamentals, UAE Minister of Energy Suhail bin Mohammed Faraj Al Mazroui said.
"Every country has the right to take its own decisions. We don't see this will change the supply and demand balance," Al Mazroui told reporters here in the capital after holding a meeting with strategic partners of the ministry.
On oil prices, the minister hoped the oil market would balance during 2016 - but the market would have to wait and see at what point of the year this would happen.
Al Mazroui said: "The Ministry of Energy is working on a plan to rationalise energy consumption by turning approximately 4,800 government buildings to green ones. These buildings consume about 112MW of electricity.
Al Mazroui, in a meeting held to commend the ministry's strategic partners, said the Ministry of Energy laid down a clear road map to boost renewable energy and minimise dependence on natural gas to generate electricity in the country in order to cut costs.
The initiative will focus on schools and mosques. Furthermore, the ministry will pursue solar power projects in the Northern Emirates, the locations of which will be determined by the land to be provided by the Rulers' Courts.
The ministry is also working on an initiative to cutting down on electricity and water consumption by individuals with a target of 30 per cent. He praised the role played by local media in raising the public's awareness in linking fuel prices with the rise and fall in international markets. In July, the government, advancing its economic reform agenda, withdrew subsidies on the petroleum prices by linking them with the monthly average prices of crude oil.
"This has made people feel the real value of fuel, and today most industries benefited from such liberation to fuel prices, especially in view of the fall in diesel price and its effect on the non-oil economy," he noted.
Petroleum prices for December slipped by up to 2.2 per cent as the Ministry of Energy announced new price regime.
Al Mazroui said the ministry keeps on placing a comprehensive strategy for security of energy and resources, particularly the water reserve. He said the ministry has prepared a draft law, which is to be raised after receiving the Cabinet's approval.
The ministry, he said, offered tenders for water desalination by using the clean energy, adding three companies had given their bids and are competing to desalinate water through the solar energy at good prices.
- malzarooni@khaleejtimes.com
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