Gas market law regulations to be ready before year-end

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Mon, 09 Oct 2017 - 02:03 GMT

Israel and Egypt Signed Natural Gas Export Deal

Israel and Egypt Signed Natural Gas Export Deal

CAIRO – 9 October 2017: The executive regulations of the New Gas Market Law will be issued before year-end, and the draft has been finished, vice chairman of the Egyptian Natural Gas Holding Company (EGAS) Amira El Mazni said Monday.

Speaking at an event organized by the British Egyptian Business Association (BEBA), Mazni said that the regulations will be revised as per market developments, adding that it will be reviewed with consultants and relevant stakeholders before adoption.

The new law will organize downstream gas, payments for outstanding debts, and access to state infrastructure, Mazni said.

"After coming into force, the law will encourage investments, diversify supply sources, introduce competition in the gas market and balance interests of stakeholders," Mazni said, highlighting that it will end state monopoly of the gas market.

In July, the gas law was approved by the parliament with Minister of Petroleum and Mineral Resources Tarek El-Molla expecting executive regulations of the law on natural gas to be ready in September.

The law will allow the private sector to import natural gas from several countries, such as Cyprus via pipelines or ships.

Egypt is a large consumer market, he noted; adding that the private sector would be allowed to sell natural gas internally or export it.

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