The energy mix in RAK is currently led by government-owned operators RAK Petroleum and RAK Gas, both of which are involved in exploration and operation activities internationally. The fall in global oil prices in mid-2014 is already being felt in RAK, with RAK Petroleum recording its first year of losses since 2007 in 2014. Despite this, falling oil prices are set to benefit RAK Gas’s major industrial customers and should improve the availability of affordable fuel necessary for ongoing industrial expansion. With population and business growth set to boost demand for energy in the emirate, the government has started pursuing renewable power options, with a number of international players putting forward bids for tenders to build desalinisation plants and develop renewable power capacity in the emirate.
This chapter contains an interview with Richard Menezes, Managing Director, UTICO.