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.