The chairman of the National Oil Corporation said oil prices increased at the end of last year and achieved its biggest annual gains since 2016 driven by the global economy’s recession due to the Corona epidemic, adding that prices had not reached its highest levels and expected to continue to rise.
Sanalla confirmed that the oil sector’s ability to invest and update the infrastructure will remain weak in the foreseeable future, especially in light of the scarcity of budgets, stressing the need to think outside the fund and create initiatives to save the infrastructure and pay for investment struggle in the national oil sector as the approximate unique financier for public treasury.
The Chairman of the Directors Board of the National Corporation added that the country’s decision-making departments should address the damaged budgets, and that we should care about the safety of our oil assets and about the importance of their conservation. Also, we have not to deny the steps of the institution in financing oil projects in special arrangements.
He pointed out that the implementation of a package of vital projects, headed by the south refinery and the laboratory of cooking gas to enhance production values and self-sufficiency of fuel requires special arrangements for their implementation and exceeded the bureaucracy of the country.