Fujairah CP highlights Emirate’s role in supporting energy market

Fujairah has established itself as a prestigious destination for the international oil industry's service sector, he added.

Sheikh Mohammed bin Hamad made this statement during the closing ceremony of the 11th Energy Markets Forum(EMFWEEK23), held under the patronage of His Highness Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council member and Ruler of Fujairah. The two-day forum was organised by the Port of Fujairah at the Novotel Hotel.

Sheikh Mohammed bin Hamad acknowledged the support of His Highness Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council member and Ruler of Fujairah, for the oil and gas sector, major companies, and international oil and gas facilities in the emirate, commending their efforts to adapt to various international changes, contributing to the UAE’s economic growth and enhancing its leading global stature in the sector.

He also pointed out that the inclusive approach, which considers the interests of different sectors and economies, remains the optimal solution for a logical and fair transition to a united world in the face of climate-related challenges, noting the consistency of the forum’s outcomes with the objectives and aspirations that the country aims to achieve through hosting the 28th session of the United Nations Framework Convention on Climate Change (COP28).

He then affirmed the importance of the Energy Markets Forum, noting the impact of the topics discussed during its dialogue sessions on serving the global decision-making industry and finding appropriate solutions to the international challenges facing energy markets.

Sheikh Mohammed pointed out the importance of promoting cooperation and partnerships between vital sectors to reach compatible solutions to achieve tangible and effective progress in global climate action.

Eng. Sharif Al Olama, Under-Secretary of the Ministry of Energy and Infrastructure, expressed the UAE’s aspirations regarding green hydrogen production: “We trust in our ability to produce hydrogen on a large scale to meet local demand. We also can export hydrogen to countries in need.”

Al Olama added that the UAE's National Hydrogen Strategy aims to establish two hydrogen clusters by 2031 and increase this number to five by 2050. To develop these technologies, the country will establish a hydrogen research and development centre, which will be a distinguished innovation centre for global hydrogen research, he added.

Within its broader energy plans, the UAE government intends to invest between AED150 billion (US$40.8 billion) and AED200 billion ($54.4 billion) in all energy sectors until 2030.

Musa Murad, General Manager of the Port of Fujairah, highlighted the global energy sector's strategic importance and the need to attract investments in this vital sector, which is crucial to maintaining its capacity to meet rising international energy demand.

“We believe that the energy sector's future will maintain the partnership principle between various forms of energy. Global demand for primary energy is expected to increase from around 291 million barrels of oil equivalent per day in 2022 to nearly 359 million barrels of oil equivalent per day in 2045, a rise of some 68.3 million barrels of oil equivalent per day, according to the World Oil Outlook 2023 released this week by OPEC,” he said.

Sheikh Mohammed bin Hamad honoured the International Energy Journalism Award winners in recognition of their role in covering energy markets at Arab and international levels through research, news services, and specialist analyses of the sector.

The annual gathering in Fujairah convened 300 senior executives, regulators and policymakers tasked with leading the Middle East's trading, storage, marketing and shipping of oil and gas across the East of Suez markets, to exchange knowledge and insights on relevant and timely trends impacting their industry.