Petroleum Minister Sherif Ismail said on Friday that a new law is being prepared to liberalize the gas market by allowing the private sector to import and sell gas.
"This law aims to increase supply and attract investments,” the minister said, adding that a special department within EGAS was formed for that purpose. There is the possibility of that department later becoming an independent entity once the market matures.
Ismail also said that the drop in global oil prices and demand has not affected development plans for foreign companies operating in Egypt.
US crude oil has dropped to US$42.07 a barrel, while Brent crude stood at $49 a barrel, amid expectations of further decline.
Ismail said the ministry is negotiating credit facilities with Saudi Arabia and the UAE to offset the deficit in the financing of Egypt’s oil needs, as well as pay dues to foreign companies.
Edited translation from Al-Masry Al-Youm