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UAE Plans Global Energy Push With $150 Billion of Spending (2)

Nov. 29, 2022, 5:26 AM

The United Arab Emirates’ main energy company will boost investment to $150 billion over the next five years, speed up an increase in oil-production capacity and list some of its natural gas business.

Abu Dhabi National Oil Co. also said it would expand its international gas, chemicals and clean-energy operations. The moves are part of a push by the company and the UAE to raise output of hydrocarbons while at the same time neutralizing planet-warming emissions by 2050.

The decisions were made at an annual board meeting on Monday lead by the UAE’s president, Sheikh Mohammed bin Zayed. ...