Min. of Petroleum Posts Expectations on Oil Prices in 2021

Egyptian Minister of Petroleum Tariq Al-Mulla revealed today his account for oil prices in 2021, and future projects in the energy field.

The Egyptian Minister of Petroleum said that he does not expect a significant surge in oil prices in 2021, and that he expects a price around $ 50 a barrel.

On future projects for Egypt, the minister said: "There are many upcoming projects with Italian (ENI), whom we consider our strategic partners," adding: "Italy is Europe's gateway to gas."

The Italian company "Eni" is considered a strategic partner for Egypt in several projects, most notably the "Zohr" natural gas field.

Earlier, the Egyptian Minister of Petroleum said that petroleum subsidies fell by about 46 percent in the first quarter of the current fiscal year 2020-2021.

The Egyptian Ministry of Finance aims to have petroleum subsidies for the current fiscal year amounting to 28.193 billion pounds.