The Natural Gas Market Regulation Law no. 183(I) of 2004.

This Law, harmonising Cypriot Legislation with European Law Directives concerning common rules for the internal market in natural gas, provides for the regulation of the natural gas market in the Republic and, among other things, establishes the rules for the transmission, distribution, supply and storage of natural gas and specifies the rules relating to the organisation and operation of the natural gas sector, access to the market, the operation of networks and the criteria and procedures for granting licenses for the transmission, distribution, supply and storage of natural gas. The Law concerns: general objectives of the Cyprus Energy Regulatory Authority, including: ensuring compliance with the rules of competition in the sector of transmission, distribution, supply and storage of natural gas, protecting the interests of consumers, ensuring that licensees are able to finance the business for which a license is being secured, promoting the development of an economically robust and efficient natural gas market, ensuring the protection of the environment, taking into account the needs of vulnerable customers, encouraging research and development in relation to the transportation, distribution, supply, storage and use of natural gas, promoting the removal of restrictions on trade in natural gas between Member States, ensuring that appropriate incentives are provided to network operators and users, assisting in the achievement of high public service standards for natural gas. Further matters covered by this Law include: issuance of permits and licenses for specific activities related to supply of natural gas; measures concerning transportation and storage of liquified natural gas; duties of distribution system operators; transparency in accounts and confidentiality; dispute resolution regarding access to upstream pipeline networks; construction of natural gas infrastructure; criminal offences; powers of inspection, control and investigation.