The Ministry of Petroleum and the Egyptian Exchange have begun negotiations regarding the creation of a natural gas exchange market, banking sources told Al Mal.

The talks aims to establish an energy-oriented futures exchange. The plan is to start with a natural gas exchange which will be the main platform used for striking gas sale and purchase agreements and determining prices, quantities, and delivery dates.

The sources said that plans are still in their early drafting stages, and that the creation of the exchange is still a long way off.

The plans are a result of the new gas market law, which allows qualified customers to choose their own gas suppliers and negotiate their own prices. Private market players will also be allowed to ship, transport, store, market, and trade natural gas using the national gas grid.