New law regulating gas market will attract investment: Molla

CAIRO – 2 December 2017: 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.

One of the most important successes, according to Molla, is the discovery of the giant Zohr gas field in the Mediterranean Sea, with reserves amounting to 30 trillion cubic feet of natural gas.

Molla further said that Egypt’s government has sought to contain the challenges that the country saw with the start of the reform program, in addition to working on improving the investment climate for all sectors.

The Mediterranean Dialogues is tan annual high-level initiative promoted by the Italian Ministry of Foreign Affairs and International Cooperation and ISPI (Italian Institute forInternational Political Studies) in Rome. The event aims at drafting a “positive agenda” for the Mediterranean by stimulating debate and promoting new ideas, rethinking traditional approaches and addressing shared challenges at both the regional and the international level.