Minister of Petroleum and Mineral Resources chaired the meeting of the Gas Regulatory Authority’s (GASREG) Board of Directors at the Ministry’s headquarters in the New Administrative Capital.

The meeting reviewed the annual report of the Authority’s work for the year 2022/23, the review report of the Central Auditing Organization, and the final account of the Authority.

El Molla opened the session by welcoming the attendees and expressing the importance of this meeting as it presents the most important achievements of the agency during the previous five years since its establishment.

Karem Mahmoud, GASREG’s Executive Chairman, began the meeting by presenting the business report for the fiscal year and the most important milestones achieved by the agency in the past five years.

Mahmoud explained that the authority was established pursuant to Law No. 196 of 2017 with the aim of regulating everything related to the activities of the Egyptian gas market to ensure its availability and to work to ensure the availability of gas networks and facilities to others.

Moreover, Mahmoud referred to the most important work that took place during the year 2022/23, where he explained that in the context of the increasing importance of Egypt as a major player and a direct influence in energy.

He stated that the agency has become an essential member of some international organizations working in this field. For example, the Mediterranean Federation of Energy Regulators (MEDREG) and the International Federation of Energy Regulators (ICER) and ERRA, where the agency has held important executive positions and has many contributions within these large global institutions.

Then, Mahmoud reviewed the financial report and explained the extent of the agency’s keenness during the fiscal year 2022-2023 to carefully monitor the agency’s budget items, to ensure disbursement and spending on the needs of the agency’s activities, taking into account the rationalization of spending and the arrangement of priorities. He added that GASREG also achieved a large surplus during the previous five years, which is supplied to the Ministry of Finance.

El Molla concluded the session by expressing that GASREG was established at the right time, which means that the sector is on the right path to achieving the strategic goal of Egypt to become a regional center for gas trade and circulation.