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.