Law of Petroleum and Petrochemical Products

This Law aims to: 1. regulate petroleum and petrochemical operations in a manner that serves public interest and protects the rights and interests of consumers and licensees; 2. increase private sector participation in petroleum and petrochemical operations and create a competitive environment to achieve economic growth, contribute to the GDP, and improve energy efficiency; 3. promote the circular carbon economy and manage greenhouse gases; 4. develop new uses for petroleum and petrochemical products, and maximize the benefit of raw materials and promote the downstream production thereof; 5. ensure the adherence of the petroleum and petrochemical products sector to national strategies and plans, laws and regulations, environmental specifications and standards, and safety and security rules; 6. ensure the security and reliability of petroleum and petrochemical product supplies; and 7. monitor and supervise petroleum and petrochemical operations to enhance compliance with the provisions of this Law and prevent practices in violation thereof.