'We found oil in Gabar' was said, but... Price hike signal from Minister Bayraktar!

Minister of Energy and Natural Resources Alparslan Bayraktar made important statements regarding the agenda on CNN Türk. Discussing subsidies on electricity and natural gas prices, Minister Bayraktar stated that support continues to protect citizens from rising costs.

'SUBSIDIES CONTINUE IN ELECTRICITY AND GAS'

Acknowledging that commodity prices rising after the pandemic have increased costs, Bayraktar stated that the state provides significant support to alleviate this burden. Bayraktar said, "We provide 60 percent support for low-tier electricity bills and 40 percent for high-tier ones. In natural gas, this rate reaches 65 percent. We are not letting our citizens be crushed by cost increases."

''PRICE ADJUSTMENTS MAY COME TO THE AGENDA DURING THE YEAR''

Touching on the relationship between energy costs and inflation, Bayraktar stated, "We plan to spend the first quarter of the year with current prices. However, considering inflation, we may make a one-time price adjustment during the year."

WE ARE PRODUCING OIL IN THE GABAR FIELD 

Evaluating the work in the energy sector, Bayraktar drew attention to the production increase in the Gabar field. "As of today, we are producing 71 thousand barrels of oil per day from the Gabar field. This is twice the total production of Turkish Petroleum in 2016. Gabar oil is high-quality, world-standard oil that is easy to process," he said.

Stating that Turkey's general oil production capacity is at the level of 40-50 thousand barrels, Bayraktar emphasized that work continues without slowing down with both domestic and international energy projects.

News Source: 12punto