22 July 2018 12:37 PM

Mullah: Egypt on way to gradually liberalize gas market

Wednesday، 04 July 2018 - 01:38 PM
Mullah: Egypt on way to gradually liberalize gas market

Petroleum Minister Tarek el Mullah asserted the importance of the role played by the Gas Market Regulatory Authority (GMRA) in supervising all activities related to the natural gas market, protecting it from monopoly and setting prices of gas and services according to supply and demand mechanisms.

During the third board meeting of GMRA, Mullah said Egypt is proceeding on the track of liberalizing the gas market gradually through cooperation with the Oil Ministry's entities, noting that Law No.196 for the Year 2017 has given a special attention to consumers' interests and encouraging the increased involvement of the private sector to ensure a competitive environment.

The aforementioned law is a great boon to Egypt's ambitious plan to become a regional hub for the trade of gas and oil as well as to efforts to lure local and international investments and optimize the natural gas infrastructure.

The board of GMRA has approved its organizational structure, financial regulations and plan of action for the coming phase to be able to carry out its assigned tasks to regulate, follow up and control all activities related to the natural gas market in Egypt from granting and renewing operation licenses to calculating tariffs so as to ensure the availability of gas, maintain a well functioning natural gas grid and related facilities and protect the market from any monopolistic practices.

MENA


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