Finance committee to approve oil sovereign fund before August drilling
The Finance and Budget Parliamentary Committee held a session Monday to discuss the issue of the creation of an oil and gas sovereign fund.
“We discussed the report of the sovereign fund subcommittee and endorsed its content in terms of the commitment to the independence of its management and the transparency of its accounts and foreign investments,” Committee chief MP Ibrahim Kanaan said after the meeting.
“We will hold two sessions on Thursday and Monday to approve it in a final manner and submit it to parliament so that it be ready prior to the beginning of exploration in mid-August,” Kanaan added.
17 July 2023, 18:45
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Discussion on sovereign fund by political mafia is laughable. Gas prices on the world market are at historic low and much cheaper than before Russia invaded Ukraine. No price recovery anticipated in future years considering the significant increase in gas liquefaction infrastructure and special transport capability. This practically makes all new deep sea drilling financially questionable. What is not questionable is that current political mafia will have billions to spend in Lebanon on its cronies, kickbacks and appointments in preparation for this mirage. This is purely stealing money from future generations. All oil and gas drilling should be halted until Lebanon is liberated from Iranian occupation and this corrupt political mafia. In fact all key individuals appointed by this mafia, especially FPM, Berri and Hizbollah should be fired as soon as Lebanon is free knowing none of them was appointed based on merit but rather on Faustian deal and kickbacks that Bassil/Berri perfected.
