UAE the biggest GCC investor in oil & gas projects
$40bn to be invested by the country into oil and gas projects between 2010 and 2014
Mohammed Sahoo Al Suwaidi, CEO of Abu Dhabi Gas Industries (GASCO) has said the construction of the Habshan-Fujairah pipeline has been completed and will be operational at the end of July to export Abu Dhabi’s oil to the world by passing the Strait of Hormuz.
The construction of some of the pipeline’s facilities is being finalised in the meantime, Al Suwaidi added. The project is part of the $40bn investment by the country into oil and gas projects between 2010-2014. Of this, $25bn has been earmarked for gas projects in the Emirate of Abu Dhabi, he said.
The government of Abu Dhabi also plans to build a liquefied natural gas (LNG) bunker station in Fujairah to meet 15% of the UAE’s increasing demand on gas as a result of industrial expansion, Al Suwaidi said.
