Tuesday, September 18, 2018
Directory Directory Subscribe
Login
 

Committees approve transparency law on oil

 
 

Please, enter data

Please, enter data

The Daily Star, 7 September 2018

The joint parliamentary committees approved Thursday a proposed law aiming to ensure transparency in oil and gas contracts. Caretaker Energy and Water Minister Cesar Abi Khalil, who attended the meetings of the joint committees at the Parliament, told a news conference that the proposed bill will be legally “nonbinding.”

But he said it could be used by those concerned with monitoring the sector to follow the implementation of projects and activities.

In addressing why lawmakers were working on the law, Abi Khalil said, “It combines everything in one law, with a clear text.” He added that this could be optimized by watchdogs to track administrative decisions and activities.

Abi Khalil also tweeted: “Congratulations on the passing of the law supporting transparency in the petroleum sector in the joint [parliamentary] sessions.”

A parliamentary subcommittee studying draft legislation to establish a sovereign wealth fund for potential proceeds from any oil and gas exploration also made progress Wednesday, according to Metn MP Ibrahim Kanaan, who headed the meeting. The draft law is part of efforts to stave off any attempts at corruption in the oil and gas sector.

Abi Khalil denied media reports that French oil giant Total has decided not to take part in offshore gas drilling that is supposed to start in 2019. He added that a consortium of three companies has signed contracts to drill for gas, and these contracts cannot be canceled by one of the parties.

Lebanon has awarded contracts to three companies to explore for gas in blocks 4 and 9. The country hopes that any potential oil and gas revenues will help stimulate the economy and create badly needed jobs.

A subcommittee for the sovereign wealth fund was established in early August after a draft bill was introduced in Parliament in November 2017 that envisioned an independent fund for any income from potential petroleum or other natural resources.

The Daily Star
07/09/2018

  COMMENTS
Login to Add Your Comment  (for subscribers) | Subscribe

 

Latest News

Alstom wins $848m Riyadh Metro network contract
TradeArabia News Service, 18 September 2018

Alstom, as a part of Flow consortium, has been awarded a contract worth more than €730 million ($848 million) from Arriyadh Development Authority (ADA) to ...

Read full story
Alstom wins $848m Riyadh Metro network contract
Work on $4bn Bahrain-Saudi causeway to begin in 2021
TradeArabia News Service, 17 September 2018

Work on the $4-billion King Hamad Causeway, connecting Bahrain to Saudi Arabia, is set to kick off by mid-2021 and will be completed in three years, reported Arab ...

Read full story
Work on $4bn Bahrain-Saudi causeway to begin in 2021
Qatar-Tunisia trade surges by 200% in first half of 2018
The Peninsula, 17 September 2018

The bilateral relations between Qatar and Tunisia have grown stronger over the past years. The volume of trade between Qatar and Tunisia has risen by more than 200 ...

Read full story
Qatar-Tunisia trade surges by 200% in first half of 2018
UAE-backed reconstruction of Iraq's Great Mosque of al-Nuri to complete in 2023
Construction Week Online, 16 September 2018

The committee overseeing the reconstruction of Iraq’s Al-Nuri Mosque and Al-Hadba’ Minaret, also known as the Great Mosque of al-Nuri, in Mosul met in ...

Read full story
UAE-backed reconstruction of Iraq's Great Mosque of al-Nuri to complete in 2023
Back to Home Page 2144 --- 0 <><><> 493.33333333333.....exvideo=0....eximage=0
P 0
BR 17

 
Future Traffic Security
24 - September 2018
Building Capability and Future Careers
24 - September 2018
Global Road & Traffic Safety Forum - Abu Dhabi
24 - September 2018
KSA Manufacturing Tech Show
22 - October 2018
3rd Annual RetrofitTech KSA
29 - October 2018
 
  View more  

Market Indecies
 
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%
 

Quick Links
  Reports  
  Articles  
  Brochures & Flyers  

Up-coming events
  Beirut Boat - 30 April - 4 May 2019  
  Project Lebanon - 18 June - 21 June 2019  
  Energy Lebanon - 18 June - 21 June 2019  
IFP Group Events Calendar

Magazine sections
  Finance  
  Zoom  
  Growth Markets  
  Regional Overview  
  Editorial  
  Tips and Tricks  
  Spotlight  
  Home Finance  
  Our Meetings
 
  Focus
 
  News
 
  Legal Issues
 

 

               
IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Lebanon
Beirut Boat
Energy Lebanon
Project Lebanon
Qatar
Hospitality Qatar
HQ - Food Qatar
Project Qatar
Iraq
Iraq Agrofood Baghdad
Saudi Arabia
Riyadh Motor Show
 
 
  IMC
IFP Group 2018 - © All rights reserved