UAE energy minister says no need to rethink oil projects on price
fall
Abu Dhabi (Platts)--26Jan2015/957 am EST/1457 GMT
The UAE will continue to push ahead with its planned oil sector
projects despite lower crude oil prices, energy minister Suhail
al-Mazrouei said Monday.
"Because of what is happening in terms of commodity prices, people say
companies should rethink what they are investing in. I disagree. I think
investment in infrastructure and upgrading infrastructure has to
continue," al-Mazrouei said at a conference in Abu Dhabi.
"We are committed and responsible, that is why we will continue to
upgrade," said al-Mazrouei.
The UAE is in the midst of a major expansion of both its upstream and
downstream infrastructure.
It hopes to increase production capacity to 3.5 million b/d by 2017,
up from about 3 million b/d currently.
It is also expanding its refining capacity.
The newly expanded 823,000 b/d Ruwais refinery is currently being
commissioned with its first refined products expected in March.
Abu Dhabi's International Petroleum Investment Company, or IPIC, also
plans to build a new 200,000 b/d refinery at Fujairah on the UAE's east
coast.
Bids for the greenfield refinery's engineering and construction are due
at the end of March.
--Adal Mirza, adal.mirza@platts.com
--Edited by Alisdair Bowles,
alisdair.bowles@platts.com
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