Egypt State’s Council will finalize a new law to regulate the gas market by the end of August, to be submitted to the Egyptian Parliament for approval.

An official with the Ministry of Petroleum stated that regulating the gas market requires agility in defining levels of price liberalization, along with creating equal opportunities for gas market contributors, reported Al Borsa News.

The official added that the ministry is in the process of contracting a third Floating Storage Regasification Unit (FSRU) to receive gas through Sumid, Ain Sokhna. Furthermore, it is considering to allow non governmental companies to use existing FSRU to receive their imports of gas, for a certain fee.

He concluded that the national gas distribution grid can carry up to 9bcf/d, however it current transports only 5.34bcf/d. With local gas consumption standing at 7bcf/d, the distribution grid’s superfluous capacity can be used by third parties and accredited gas suppliers other than the government.