Egypt’s Petroleum and Mineral Resources Ministry announced it plans to finalize the new gas law before the end of 2017, according to Oil Minister, Tarek El Molla, reported Al Borsa.

The new gas law, which is currently being reviewed by the State Council, is to establish a regulatory authority for the natural gas market, which is expected to define levels of price liberalization and create equal opportunities for gas market contributors.

“By the end of 2017, we will have the law and the executive regulations ready, and we will have completed the establishment of the authority to allow private companies to import gas,” Daily News Egypt cited El Molla as saying at an economic conference held in Cairo on the 15th of November.

Egypt Oil&Gas informed earlier that the State Council intended to submit the law to the Egyptian parliament for approval already by the end of August.