New law regulating gas market will attract investment

Petroleum Minister Tarek el-Molla said that a new law to regulate the activities of the gas market will help attract private sector to invest in storing and selling natural gas directly to consumers.

He added that the law comes as an important part of Egypt’s strategy to turn into a regional hub for power trade, especially after the recent gas discoveries in the Mediterranean Sea and North Delta.

Molla’s comments came during his participation in Rome MED 2017 forum held currently in Rome, Italy.

The minister said that the Petroleum Ministry is implementing a comprehensive strategy that includes a number of measures and reforms across all petroleum fields.

He said that this strategy is already bearing fruit as Egypt is successfully moving towards achieving self sufficiency in natural gas and is intensifying gas exploration activities to boost petrol production.