The law regulating the gas market is supporting Egypt’s strategic goal of becoming a regional energy hub, Petroleum Minister Tarek el-Molla said in a statement on Tuesday.
This came during the first meeting of the board of directors of the gas regulatory authority headed by Molla.
He said that the law regulates gas activities in the Egyptian market and will encourage private sector investment, that will help Egypt utilize its infrastructure and play a significant role in gas trade regionally and globally.
Molla said that the new authority was established under Law no. 196/2017 regulating the gas market and its executive regulations, which was issued this month.
He added that the meeting discussed the authority’s tasks that include the issuance, renewal, cancelation of gas permits and preparing the rules for using the state’s gas infrastructure, among others.