UAE and US to boost energy cooperation

02/10/2014 01:11 AST

US Secretary of Energy, Ernest Moniz, and UAE’s Minister of Energy, Suhail Bin Mohammed Faraj Faris Al Mazrouei, signed a Memorandum of Understanding to reaffirm their commitment to a strong bilateral energy relationship, joint cooperation and exchange of ideas in the areas of energy and the energy-water nexus.

The MoU was signed at the beginning of the US-UAE Strategic Energy Dialogue, which was co-chaired by UAE Energy Minister and US Deputy Secretary of Energy, Daniel Poneman, today in Washington D.C. This meeting follows the inaugural Strategic Energy Dialogue hosted by the UAE in Abu Dhabi in June 2014.

The Memorandum of Understanding between the US and the UAE creates a framework for cooperation in the areas of energy and the energy-water nexus, and facilitates sharing technical knowledge, skills and expertise. Planned cooperation will initially focus on five areas, including energy policy formulation, energy efficiency, the energy-water nexus, carbon capture and storage, and unconventional oil and gas development.

At the meeting, the US and UAE agreed on milestones and specific timelines to tackle the five areas of the MoU. Both delegations agreed to hold the next Strategic Energy Dialogue in Abu Dhabi in early 2015.

The two sides also reiterated their shared interest in monitoring global oil markets and discussed initiatives to promote public and private sector partnerships, and to support UAE’s emerging civilian nuclear power sector.Sultan Bin Saeed Al Mansouri, Minister of Economy, and US Secretary of Commerce, Penny Pritzker, have explored recently ways to strengthen bilateral relations among the friendly countries in the areas of trade and investment.

WAM