UAE spends US$40b on oil and gas projects through 2014
WAM ABU DHABI: The UAE is spending US$40 billion on oil and gas projects between 2010-2014 and gas projects in the emirate of Abu Dhabi is taking the lion's share of the package with US$25 billion.
With this, the UAE ranks first in the GCC region where the value of oil and gas projects between 2010-2014 total US$75 billion, according to Mohammed Sahoo Al Suwaidi, CEO of Abu Dhabi Gas Industries Ltd (GASCO) in a press briefing to announce that Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) will become an annual event from 2013.
"The Habshan-Fujairah pipeline to export Abu Dhabi's oil to the world bypassing the Strait of Hormuz will be operational on the end of the current month.. The construction of the pipeline has been completed and the construction of some of its facilities is being finalized in the meantime," Al-Suwaidi added.
Al-Suwaidi also announced plans by the government of the emirate of Abu Dhabi to build an LNG (liquefied natural gas) bunker station in Fujairah to meet 15% of the UAE's increasing demand on gas as a result of industrial expansion.
The new station will be built by an alliance between the International Petroleum Investment Company (IPIC) and Mubadala.
Through these projects, Abu Dhabi seeks to provide gas supplied to Khalifa Industrial Zone Abu Dhabi (Kizad) and Industrial City of Abu Dhabi (ICAD) as well as to cities in the northern regions, Al-Suwaidi noted adding that between 75 to 80% of the current domestic demand on gas is met by the Abu Dhabi National Oil Company (ADNOC) through its operating companies as the remaining 20% is provided by Dolphin Energy Limited from the Qatari Ash-shamal Field.
The Habshan-Fujairah pipeline, owned by an investment arm of the government of Abu Dhabi, to secure flow of crude oil from the Emirate of Abu Dhabi to the world WAM/MMYS