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Tuesday, 29 November 2016

Maglis el Dawla sends Natural Gas Act to House for review

The much-anticipated Natural Gas Act is now heading to the House of Representatives after Maglis El Dowla (the State Council) wrapped its review, Al Borsa reports. The law, which has been with the Council for over a year, promises to deregulate the natural gas industry, making it possible for the private sector to buy and sell natural gas domestically and making import and export permits possible. The draft would see the state take a step back from the market to assume the role of regulator and pipeline provider. The Oil Ministry said in October that five companies had already applied for permits. The Natural Gas Act would, if passed, help grow Egypt’s natural gas exports and has been a top priority for the State Council, legislative committee chair Ahmed Aboul Azm told the newspaper.

…Aboul Azm also said that his committee expects to receive a number of pieces of economic legislation “within days,” among them Consumer Protection Act, which would allow cabinet to fix prices on a number of “strategic” goods for a period of up to two years in a bid to cool inflation. Some MPs had previously noted that price controls would conflict with the government’s economic reform program.

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