The newly-established Natural Gas Regulatory Authority will soon begin its operations, the Ministry of Petroleum said in a press statement, Egypt Oil & Gas reports.
The authority’s mandate as outlined in the July 2017 Gas Market Law includes issuing, amending, and suspending licenses for gas activities. It will also monitor companies to make sure that they are abiding with the terms and conditions of these licenses.
The authority’s board will work on finalizing the new body’s organizational chart, financial bylaws, and mission statement, according to the law.
El Molla, who attended the board meeting, emphasized the entity’s role in ensuring market competition and setting service prices.
He added that the law prioritizes the customers’ benefits through creating competition in the market. Based on that law, the government is now working liberalize the gas market through collaborations with different market players.