ABU DHABI: The United Arab Emirates is moving ahead with its oil and gas investment plans despite the current drop in oil prices, the country's energy minister said on Sunday.
Answering questions by Reuters on the sideline of an energy conference in Abu Dhabi, Suhail bin Mohammed al-Mazroui said: "Investments are going, we are continuing with our investments."
Asked whether the OPEC member's plans to boost its oil production capacity to 3.5 million barrels per day by 2017 were on track, the minister said: "Yes".
Global oil investments this year are seen to drop by 20 percent, marking their biggest decline in history, Fatih Birol, head of the International Energy Agency, said on Friday.
Reuters
