The Board of Directors of the Gas Market Regulatory Authority headed by Eng. Tariq Al Mulla, Minister of Petroleum and Mineral Resources, approved the value of the tariff for the use of the transportation system (the National Natural Gas Network) for the year 2020, which amounted to 37.5 cents per million British thermal units, and this step comes within a set of policies and procedures that The agency has within the framework of regulating the gas market and gradually liberalizing it according to international practices to work to integrate the Egyptian market with global gas markets, taking into account the country’s strategy to be a regional center for gas and oil trading.
The approved tariff aims to regulate the financial and commercial part of the gas transportation activity and convert it into an economic activity capable of covering its costs and achieving a fair return for the owners of the network, and the usage tariff is the first steps in making the network available to others in accordance with the principles of transparency, justice, non-discrimination and equality, taking into account the interests of all participants in the gas market.
Yesterday, Egypt announced the conclusion of a settlement agreement and the latest framework agreement between the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company “EGAS, Eni Company, Naturgy Energy Group, Union Venosa Gas Company and the Egyptian Spanish Gas Company” Cigas “, according to a set of steps necessary to enter The settlement comes into force and the date the settlement agreement enters into force.
The international arbitration provisions issued against Egypt will be settled and all existing disputes between Egypt and EGAS will be finalized on the one hand and Union Venus Gas and Segas on the other hand, regarding agreements to buy and sell natural gas and the use of the liquefaction plant to liquefy natural gas in the liquefaction plant in Damietta.
This comes in light of the state’s interest in settling all disputes with investors to encourage an investment climate and work to attract within the Arab Republic of Egypt
Egypt has a huge infrastructure that qualifies it to transform into a regional energy center in the region that comes on top of the liquefaction factories located on the shore of the Mediterranean Sea, which will play the main role in gas export operations, as it is responsible for converting gas from the gas state to the liquid state and started taking the actual steps for transformation To a regional center for gas trade and circulation in the Mediterranean region, as it is the gateway that will open the horizons of cooperation between the countries of the region and divert the potential resources of natural gas to real investment opportunities for the benefit of peoples and future generations, which will be a key factor in achieving economic prosperity Led and spread peace and stability in the region.
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