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Friday, December 7, 2007       Free Headline Alerts

Arab oil moguls told to invest windfall in alternative energey

ABU DHABI — Arab oil producers have been urged to invest in alternative energy.

A leading analyst said Arab oil producers must use their revenue windfall to augment their energy resources, Middle East Newsline reported. Gulf Research Center chairman Abdul Aziz Al Sager said the Middle East could become the leading investor in alternative energy.

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"We consume 18 to 20 percent of the oil produced locally and after 50 years, how will the situation be with increased consumption?" Al Sager asked. "We have to think seriously about alternatives because gas and oil will not last. We have a golden opportunity with the economic boom in the region to be a primary investor in alternative energy. The Gulf region could have the opportunity to be pioneers in alternative energy."

Addressing a panel on energy at a Dec. 4 conference in the Bahraini capital of Manama, Al Sager cited the development of solar energy. Another panelist, Shell International vice president John Mills, said 50 percent of the world's energy supply would stem from alternative energy by 2050.



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