New Suez Canal to shrink Oil Prices: US Official

The New Suez Canal will participate in lowering transportation prices of global oil, Special Envoy and Coordinator for International Energy Affairs of US department of State Amos J Hochstein said.

The official added that the New Canal would play an important and positive role in Egypt and the whole world.

Hochstein – also one of the largest chancellors of US Secretary of State John Kerry- made these remarks during his meeting with a number of Egyptian journalists on Tuesday evening.

During his current visit, the official met with the Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker and Minister of Petroleum and Metallurgical Wealth Sherif Ismail.

Hochstein added that there is an important cooperation between Egypt and the United States in energy field, thus his visit comes to discover means of enhancing this cooperation before holding the Egyptian-American strategic conversation.