Third board of directors meeting of the Gas Regulatory Authority
Under the chairmanship of Eng. Tarek El-Molla, Minister of Petroleum and Mineral Resources and Chairman of the Board of Directors of the Gas Regulatory Authority, the third board meeting of the Gas Regulatory Authority was held in the presence of Eng. Karem Mahmoud, chief executive officer and members of the board of directors.
Eng. Tarek El-Molla emphasized that the law regulating the activities of the gas market in Egypt supports the strategic directions of transforming Egypt into a regional hub for trading gas and oil and encouraging the attraction of domestic and international investments so as to allow Egypt to exploit Economic optimization of its gas infrastructure.
He also assured the role of the GasReg in regulating and controlling the monopolistic activities of companies in the gas market and the pricing of services, noting that Law No. 196 of 2017 places consumer interest and allowed the private sector to create strong competition in the gas market, as well as fixing gas prices, which will be subject of supply and demand mechanisms as we move towards the gradual liberalization of the gas market through cooperation and coordination with existing entities in the petroleum sector.
During the meeting, the board of directors also approved the activation of the terms of reference for the following period, which includes procedures for the issuance and granting licensing for gas market activities, their modification, renewal, suspension or cancellation, and the determination of the general grounds by which licensed parties comply with all requirements and necessary approvals.