Ministers participating in ADIPEC 2021: It is difficult to switch to clean energy quickly

Mansour bin Zayed: The UAE has established a unique model in managing energy resources

Mansour bin Zayed toured the exhibition pavilions, during which he was introduced to the latest innovations in the energy sector.

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His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, affirmed that the UAE, thanks to the leadership's vision, has established a unique model in the field of energy resource management and investment in the path of transformation towards future energy.

His Highness said that the Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC), thanks to its capabilities and international reputation, was able to top the list of leading events in the world of energy.

Yesterday, His Highness witnessed the opening ceremony of the 37th edition of ADIPEC, which was launched under the patronage of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State.

In addition, the oil ministers participating in the ADIPEC 2021 sessions said that the shift towards completely clean energy will not be at once, but rather gradually, noting that it is difficult to abandon traditional fuel and rely on its renewable counterpart.

opening ceremony

In detail, His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, attended the opening ceremony of the 37th edition of the Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC), which was launched yesterday under the patronage of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State. In the presence of His Highness Sheikh Dr. Sultan bin Khalifa Al Nahyan, Advisor to His Highness the President of the State, His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi, Chairman of the Abu Dhabi Executive Office, Chairman of the Executive Committee of the ADNOC Board of Directors, and Sheikh Nahyan bin Mubarak Al Nahyan , Minister of Tolerance and Coexistence, and His Highness Sheikh Nasser bin Hamad Al Khalifa, representative of the King of Bahrain for Humanitarian Works and Youth Affairs.

sustainable approach

His Highness Sheikh Mansour bin Zayed Al Nahyan said that the Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC), thanks to its capabilities and international reputation, was able to top the list of leading events in the energy world, thus establishing the position of the UAE and its leading position in shaping the future of the global economy.

His Highness added that the UAE, thanks to the leadership's vision, has established a unique model in the field of energy resource management, investing in the path of transition towards future energy, and has established a strong and sustainable approach to address various challenges related to investing in oil and gas projects and clean and renewable energy resources.

discussion session

His Highness Sheikh Mansour bin Zayed Al Nahyan attended part of a panel discussion, in which the Minister of Energy and Infrastructure, Suhail bin Mohammed Faraj Faris Al Mazrouei, and the Minister of Industry and Advanced Technology, CEO of the Abu Dhabi National Oil Company (ADNOC) and its group of companies, Managing Director, Dr. Sultan bin Ahmed Al Jaber, participated in it. , as well as ministers and officials in the global energy sector.

His Highness also toured the exhibition pavilions, during which he was introduced to the latest innovations in the energy sector.

energy security

In addition, Al-Jaber stressed that the world cannot suddenly turn away from hydrocarbons, in order to ensure energy security at the global level, noting that “ADNOC” intends to increase its production capacity to five million barrels per day by 2030, while working to reduce carbon density.

He added that ADNOC is working to increase carbon collection and storage capabilities from 800,000 tons annually to five million tons, pointing out that it will use nuclear energy and solar energy in its electricity network as of next January.

surplus

In turn, the UAE Minister of Energy and Infrastructure, Suhail Al Mazrouei, expected that the first quarter of next year would witness a surplus in oil supply, ruling out the possibility of oil prices reaching $100 per barrel.

Al Mazrouei added that the Organization of Petroleum Exporting Countries (OPEC), Russia and their allies, the bloc known as "OPEC Plus", will discuss the basic factors to determine the pace of production increase.

Al Mazrouei explained that the current shortage of oil is not surprising, as the global demand for fossil fuels has increased to a very high level.

commitment

For his part, Saudi Energy Minister Prince Abdulaziz bin Salman affirmed the Kingdom's keenness to abide by the OPEC Plus agreement, and that it is not ready to increase oil production above the quota set for it to compensate for the lack of supplies of other members, and relieve pressure on prices.

Emission reduction

In turn, Indian Oil Minister Hardeep Singh Puri said that he remains concerned about high prices, despite his greater focus on the long-term path of the market through the energy transition, noting that India was one of the most vocal countries at the COP26 climate summit. Finally concluded, to change the climate agreement to make it more suitable for fossil fuels.

He added that the focus should be on reducing carbon emissions more than phasing out coal, oil and gas, pointing out that the shift towards completely clean energy will not be at once.

1.2 million barrels per day production capacity of oil refineries in the UAE

The Minister of Energy and Infrastructure, Suhail Al Mazrouei, said that the production capacity of the refineries in the UAE is 1.2 million barrels per day, while the production capacity of crude oil in the country reaches 4.2 million barrels per day.

In statements on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2021), Al Mazrouei said that the UAE was able, during a record period, to expand in the field of clean energy.

He added that the country had set early its long-term goals in the field of energy, as it launched the "National Energy Strategy 2050", through which it seeks to reduce energy demand by 40%, and raise the contribution of clean energy in the total mix of energy produced in the country to 50%.

Egypt: Energy transformation a priority

The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, affirmed that achieving the goal of transformation in the field of energy and reducing emissions is one of the most important priorities for the oil and gas industry globally.

He pointed to the importance of continuing concerted efforts globally and regionally in the oil and gas industry towards gradual transformation in the field of energy, and managing its uses in a way that achieves the goal, as well as adopting the use of the latest technology aimed at achieving the lowest degree of emissions and carbon capture and storage.

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