Deputy Head of the TSC stresses the necessity of providing storage capacity for oil and electricity reserves

Deputy Head of the Transitional Sovereignty Council, Malik Agar Ayre, stressed the necessity of working to provide storage capacity for the oil and electricity reserves in a way that supports the country’s strategic reserve, pointing out the importance of adhering to international standards in the oil and electricity reserve policy.

He pointed out, while addressing the opening of Al-Mogran Petroleum Company Limited in the presence of the Governor of the Red Sea State and number of ministers and commanders of military units, to the necessity of benefiting from the experiences of countries in the strategic reserve policy and working to tear up the barge rental bill.
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Agar urged the establishment of an electricity company, which is estimated to cost $70 million, directing the ministers of finance, minerals, oil and financial institutions to provide the necessary cash to establish the electricity company as soon as possible.

He appreciated the efforts of the company’s Board of Directors and its General Manager in providing oil reserves, pointing out that establishing a company to invest in the petroleum field is consistent with the state’s policies that are open to investment.

For his part, the Acting Minister of Energy and Oil, Mohieddin Naeem, confirmed in his speech that the establishment of Al-Mogran Petroleum Company is part of the plans and programs drawn up for the fuel liberalization policy and providing the country’s needs for petroleum products.

His Excellency pointed out that Al-Muqrin Company is a product of basic partnerships in the investment sector, expressing his hope that the rest of the companies will follow the example of Al-Muqrin Petroleum Company