Lebanon Establishes Sovereign Fund for Oil and Gas To Bolster Economy
Lebanon unveiled the establishment of the Lebanese Sovereign Fund for Oil and Gas on Wednesday, according to the National News Agency. Ibrahim Kanaan, the head of the Parliamentary Finance and Budget Committee, explained at a press conference that the fund is designed to manage and invest petroleum-generated state revenues to enhance the national economy’s development.
The fund will be a specialized public institution, maintaining legal personality and financial and administrative independence, free from traditional governmental oversight. It will be managed by professional experts hired based on qualifications.
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This move follows Lebanon and Israel’s conclusion of a US-brokered maritime border demarcation deal last October, paving the way for oil and gas exploration. On January 29, Qatar signed an agreement to join France’s TotalEnergies and Italy’s ENI for oil and gas exploration in Lebanese waters, starting in September.
Lebanon’s reliance on revenues from the oil and gas sector comes as the country faces an unprecedented financial crisis.
