Back to the complete issue
Wednesday, 14 February 2018

Natural Gas Act exec regs are out

LEGISLATION WATCH- The Natural Gas Act is now in effect: The Ismail Cabinet appears to have finally signed off on the long-awaited executive regulations to the Natural Gas Act, according to a statement carried by Reuters. The Natural Gas Act — which effectively deregulates the industry by allowing the private sector to import and distribute natural gas and reducing the state’s role to that of market regulator — was approved by the House of Representatives last August. While details on the contents of the regs have yet to emerge, officials had said last year that they would outline the exact role and duties of the new state regulator, which is meant to lead the state’s gradual transition out of the industry by 2022, monitor market activity, and issue licenses for natural gas imports (that at least four companies have applied for already). The regulations are also expected to offer incentives that will attract investments to the LNG, petrochemicals, and fertilizers industries. Oil Minister Tarek El Molla had previously said that foreign companies would be allowed to export Egypt’s oversupply of natural gas in five years’ time. The state had tapped Logic Management Consulting to advise on the setup of the gas market regulator. We’ll have more once we get our hands on a copy of the executive regulations.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.