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Monday, 24 October 2016

Maglis El Dowla to complete review of Natural Gas Act by December

The Council of State (Maglis El Dowla) plans to complete its review of the long-awaited Natural Gas Act by December, a source from the Maglis tells Al Borsa. The act has been parked at the council for a year now. The issuance of gas import and export permits to the private sector has been on hold until the House of Representatives passes the law, which would deregulate the natural gas industry and see the state step back to become the market regulator and provider of pipelines. Five companies have so far applied for licenses, an Oil Ministry source says. Meanwhile, the Council of State has signed-off on the Industrial Permits Act, which expedites the issuing of permits for factories. The legislation is now before the House of Representatives. The Industrial Permits Act was drafted in August 2016, while the Natural Gas Act has been sitting on the Council’s collective desk since October 2015.

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