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UAE says not worried by Shell pullout from joint Bab Sour project

Reuters - UK Focus

ABU DHABI, Jan 18 (Reuters) - The United Arab Emirates' energy minister said on Monday the UAE was not worried about Royal Dutch Shell (Xetra: R6C1.DE - news) 's pullout from the joint Bab (Other OTC: BABB - news) sour gas field project in Abu Dhabi.

"The reason most probably will be (a) commercial reason because now the cost of gas and the price of gas and LNG has dropped more than 50 percent," Suhail bin Mohammed al-Mazroui said on the sidelines of a conference in Abu Dhabi.

"We are not worried about supply of gas. We are planning well, if the company is pulling out I'm not worried," Mazroui said.

The Anglo-Dutch company had said earlier on Monday that it would stop stop further joint work on the project with the Abu Dhabi National Oil Co. (ADNOC).

(Reporting by Maha El Dahan; Writing by Yara Bayoumy, Editing by William Maclean)