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• Gulf News reported that a new giant oil pipeline that will enable the UAE to bypass the strategic Strait of Hormuz waterway by exporting crude via Fujairah will be completed soon.Mr Mohammad Bin Dhaen Al Hameli UAE Minister of Energy said that the USD 3.29 billion 400 kilometer pipeline will enable Abu Dhabi to export as much as 70% of its crude from Fujairah on the Arabian Sea, where tankers will be able to pick up the oil instead of sailing an extra day into the Arabian Gulf via the Strait of Hormuz.The strait is one of the world's busiest tanker routes through which Gulf oil producers ship their crude exports. About 20% of global consumption is being shipped through the route every day. Oil prices have risen in the past, partly on fears Iran could block exports from the region through Hormuz if tensions with the US over the country's controversial nuclear program escalate.
• Mr Al Hameli stressed that the UAE's commitment to maintaining and strengthening its role as a major oil and gas producer, highlighting that oil will continue playing a prominent role in global energy for many decades to come. Despite expectations that the contribution of oil share will fall from 34% to 28% the demand will continue to reach over 109 million barrels per day in 2035.He said that the UAE firmly believes that nuclear power represents an important clean energy source that should be developed along with other clean fuels. We have been able to embark on an important civilian nuclear energy program in close collaboration with the IAEA in Vienna. The first reactor will be commissioned in 2017 and the objective is for nuclear energy to eventually account for 25% of the UAE's electricity requirements.He added that we believe that the best way of securing a sustainable economic future in a carbon constrained world is to develop a balanced portfolio of clean energy sources in which nuclear, renewable energy, oil and natural gas all have a role to play.

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