UAE oil fair highlights diversification of energy sources

The 4-day Abu Dhabi oil and gas fair, exhibition and conference ADIPEC started on Sunday, focusing on the challenges amid growing global energy demand. Sheikh Hazza bin Zayed Al Nahyan, national security adviser of the United Arab Emirates (UAE) and member of the ruling family in Abu Dhabi, officially inaugurated the 16th edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). Over 1,600 exhibitors from around the world are present, while 52, 000 attendees are expected. The UAE minister of energy, Suhail Mohamed Al Mazrouei said in his opening speech that diversification of energy sources and new partnerships is on the top of agenda and is key challenge to the global oil and gas industry. The minister said that the aim was to reduce dependency on gas and increase investment in renewable energy such as solar and wind energy, adding "the UAE will remain a reliable partner and major oil supplier to the world." The UAE hosts about 8 percent of the world's known oil reserves. By 2020, the UAE aims to gain 20 percent of its domestic energy needs from nuclear power. According to American energy giant Exxon, one of the biggest exhibitors at the ADIPEC, residential and commercial energy demand is expected to rise by about 30 percent by 2040.