Petroleum Market Law (No. 5015).

The objective of this Law is to regulate the guidance, surveillance and supervision for the purpose of ensuring the transparent, non-discriminatory and stable delivery of petroleum supplied from domestic and foreign resources to consumers, directly or after processing, in a reliable, cost-effective manner within a competitive environment. The Law consists of three Parts divided into 28 articles dealing with the following matters: general provisions (Part I, arts. 1 - 23); amendments to the Electricity Market Law (Part II, arts. 24-28); temporary provisions (Part III). Holding a license is obligatory for the following petroleum activities: (a) performing refining, processing, lube oil production, storage, transmission; (b) performing liquid fuel distribution, transportation and vendor activities. The process of granting, updating and temporarily suspending or cancelling the licenses shall be undertaken by the Authority. In granting licenses, the technology, quality, safety and sustainability of the enterprise and service . The licensees must undertake the necessary arrangements to prevent environmental risks and to compensate any loss of damage caused to environment as a result of their operations.