United Arab Emirates' Oil Minister Suhail Mohamed Al Mazrouei speaks during the International Carbon Capture, Utilization and Storage Conference 2020 in Riyadh, Saudi Arabia February 25, 2020. REUTERS/Ahmed Yosri/File Photo
DUBAI, Nov 23 (Reuters) – The United Arab Emirates has started building “the first green hydrogen plant in the Middle East” and testing is currently underway, Energy Minister Suhail Al-Mazrouei said on Tuesday.
The minister, who was speaking at a private business event at the Expo 2020 world fair in Dubai, gave no further details about the plans.
So-called green hydrogen, created by splitting water into its two components using electricity from renewable energy sources, is increasingly viewed as a fuel of the future to reduce carbon emissions from fossil fuels.
The UAE aims to capture 25% of the global hydrogen fuel market by 2030 and is implementing more than seven ambitious hydrogen projects, targeting major export markets including Japan, South Korea, Germany and India, the state news agency WAM reported last week. read more
It also has a plan to reach net-zero emissions by 2050, and has said it would oversee 600 billion dirhams ($163 billion) in investment in renewable energy. read more
Asked later by reporters about U.S. plans to release emergency oil reserves to cool surging energy prices, the minister said the UAE saw “no logic” in increasing its own contributions to global markets at the moment.
He said technical data gathered ahead of an upcoming OPEC+ meeting in December pointed to an oil surplus in the first quarter of 2022.
There should also be no worry about supplies in the second quarter of 2022, he added.Reporting Hadeel Al Sayegh; Writing by Lina Najem; Editing by Louise Heavens and Gareth Jones
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This article was originally published by Reuters.
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