The regulations for the new gas law and the regulatory authority it establishes will be submitted to the Cabinet soon, according to the Minister of Petroleum and Mineral Resources, Tarek El Molla, Daily News Egypt reports.
After meeting with the Prime Minister, Sherif Ismail, El Molla announced that the Ministry of Petroleum and Mineral Resources has reviewed the proposed regulations, according to Zawya.
The government issued the new gas law, Law Number 196 of 2017, in August. The law is an attempt by the government to liberalize the natural gas market and encourage private investment.
Last month, the then Vice Chairman for Gas Regulatory Affairs at the Egyptian Natural Gas Holding Company (EGAS), Amira El Mazni, noted that the new executive regulations would play a key role in implementing the government’s vision.
The law will open the Egyptian gas market to private investors and permit companies to import natural gas and sell it on the domestic market.