Sisi issues law regulating activities of gas market
Tuesday، 08 August 2017 - 01:02 PM
President Abdel Fattah El Sisi on Monday 7/8/2017issued law No. 196 / 2017 on regulating the activities of gas market, after the approval of the House of Representatives.
The first article of the law stipulates that the new law will not be applicable on the petroleum concession agreements.
It will also not affect the provisions of law no. 20 of 1976 of Egyptian General Petroleum Corporation (EGPC).
Under the second article of the law, the prime minister will issue the executive statute of the law within six months following the enacting.
All entities operating in the gas field under the law will have to submit papers to the agency of the implementing the gas market activities to get permissions for resuming activities.
A general authority, to be dubbed "the agency for regulating gas market activities", will be established with a headquarters based in Cairo.
The agency aim is to regulate all activities of the gas market and monitor it with a view to securing the gas production, the quality of the services as well as protecting the interests of investors and customers.
It also aims at luring more investments to the gas market and offering a business-friendly environment.