Egypt Moves to End State Monopoly of Natural Gas Market - BLOOMBERG

August 8, 2017, 11:03 AM GMT+3
Salma El Wardany, Mirette Magdy and Tamim Elyan

• New gas market regulator to be set up to govern sector
• Private sector can participate in transport, distribution

Egypt is opening the door to private participation in its natural gas sector, moving to end the state’s monopoly as it pushes ahead with reforms meant to encourage investment and revive the economy.

The new law signed by President Abdel-Fattah El-Sisi sets up a natural gas regulatory authority charged with licensing and devising a plan to open the gas market to competition. It also allows for the eventual import of natural gas by private companies -- a move that could help end supply shortages that have hampered businesses.
The most important market news of the day.

Egypt raises fuel prices by up to 50% under IMF deal - HYDROCARBON PROCESSING / REUTERS

6/29/2017Reporting by Abdelrahman Adel; Additional reporting by Amina Ismail; writing by Patrick Markey; editing by Mark Heinrich

CAIRO (Reuters) — Egypt on Thursday hiked fuel prices by up to 50% to help meet terms of a $12 B IMF loan deal, a sharper rise than expected by many struggling with soaring living costs and a further test of President Abdel Fattah al-Sisi's popularity.

Fuel price increases had been widely anticipated as part of Egypt's loan accord with the International Monetary Fund and Thursday's measures were the second rise since the government floated the pound currency in November.

Government officials say spending cuts will help revive an economy where subsidies have accounted for about a quarter of state expenditures. But austerity carries risks for Sisi as inflation and a contested deal to hand two Red Sea islands to Saudi Arabia have eroded his public standing.