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oil and gasNovember 24, 2022

Kanaan: Let's keep oil at sea if sovereign fund won't be sovereign

The head of the Finance Parliamentary Committee, MP Ibrahim Kanaan, announced Wednesday that “remarkable progress” has been made in the discussions related to the establishment of a sovereign fund to manage Lebanon’s offshore oil and gas resources.

“We are working on merging four draft laws… and we have reached Article 10 and all articles related to its establishment have been approved,” Kanaan said after a session.

“There won’t be a splitting of shares in the sovereign fund and if the fund won’t be sovereign, let’s keep the oil at sea,” the MP added.