JEDDAH, Jun 22, 2008 -- Thomson Financial

British Prime Minister Gordon Brown called on Sunday for cash-rich Gulf nations to invest in renewable and nuclear energy production in Britain and elsewhere.

"I propose that Britain and other oil consumers should open our markets to new investment from oil producers, including sovereign wealth funds, in all forms of energy including renewables and nuclear," Brown said at the Jeddah Energy Meeting.

He added that Britain was talking to various Middle East countries about energy investment projects.

"Looking ahead, I can announce that Britain is taking forward discussions with the Abu Dhabi Investment Authority about new investment opportunities in Britain," Brown said.

"I can state that the British and Qatari governments have agreed on the importance of Qatari investment in British energy industries.

"We have also agreed to work with the United Arab Emirates on opportunities in nuclear energy."

The British government is hoping to attract around 100 billion pounds (126 billion euros, $197 billion) of investment into renewable energy sources by 2020.

Brown hopes that Saudi Arabia and other members of the Organisation of Petroleum Exporting Countries (OPEC) will take major stakes in the renewable energy market.

In return, Britain and other Western countries would be allowed to invest more in oil fields and refineries in OPEC countries. TFN.newsdesk@thomson.com jag

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