Suhail bin Mohammed Faraj Al Mazroui says downward oil prices won't affect or delay plans to increasing UAE's daily output to 3.5 million bpd by 2017.
Suhail bin Mohammed Faraj Al Mazroui says downward oil prices won't affect or delay plans to increasing UAE's daily output to 3.5 million bpd by 2017.
Suhail bin Mohammed Faraj Faris Al Mazrouei said UAE was investing $35b to diversify its energy mix and reduce its dependence on natural gas imports.
They stressed the importance of multi-lateral cooperation and expansion of the pioneering role of the UAE in international forums.
Saudi Arabia is seeking to halt the erosion of its finances after oil prices halved in the past year.
Another agreement of understanding, which will be signed will be activated to build projects to generate electricity using coal in Eyoun Moussa and the Red Sea districts.
The takeover comes as a record volume of natural gas flows out of the Marcellus shale formation centered in Pennsylvania.
The UAE Fuel Price Committee fixed the new price of petrol 98-Octane at Dh1.90 per litre.
The need to rehabilitate the industry will present oil firms with lucrative contracts
Europe's largest oil company was targeting resources it said could be 10 times greater than the oil and gas produced so far in the North Sea.
Special 95 Octane price reduced by 8.6 per cent at Dh1.79 per litre while E Plus-91 price lowered by 8.99 per cent to Dh1.72 per cent in line with international market trend.