Hariri at Oil and Gas Forum: Government Plans to Transform Natural Resources into Sustainable Economic Growth

إقرأ هذا الخبر بالعربية W460

Prime Minister Saad Hariri stressed on Tuesday at the Oil and Gas Forum that the government plans to successfully transform Lebanon's natural resources wealth into sustained economic growth.

“The oil and gas sector is one of the most important files on Lebanon’s economic agenda. My government gives priority to the good governance and proper management of this sector and we believe it is in such discussions that we move it forward,” said Hariri at the ESA Business School during his patronage of the “Oil and Gas Forum: Roadmap".

“We want all stakeholders, indeed, all of society to participate and invest in it. The potential discovery of resources in our seas is the reason we are here today,” he added.

“As an oil importing country, we have been dependent on fuel imports to fulfill our domestic consumption. This has rendered our balance of trade highly sensitive to fluctuations in international oil prices and the size of local demand.”

“In the years 2000 to 2002, geophysical service companies performed two-dimensional multi-client surveys within Lebanon’s maritime Exclusive Economic Zone. Following this, a geological and geophysical study was performed in 2004 to determine the hydrocarbon potential in the area. The results revealed high prospects for the presence of hydrocarbon reserves under our seabed.

“In 2010, Lebanon ratified the offshore Petroleum Resource Law. This law sets the foundations for ensuring prudent production of hydrocarbons, while providing long term investment incentives, and a sustainable revenue management mechanism through the establishment of a Sovereign Wealth Fund.

This was followed, in 2012, by the appointment of the Lebanese Petroleum Administration, to act as a regulator for the sector,” stated the PM.

“Since 2012, the work undertaken by the Lebanese Petroleum Administration, including the Strategic Environment Assessment, as well as the extensive work undertaken by the Ministry of Finance, Ministry of Environment, the ministerial committees, and Parliament, prepared the grounds for the Oil & Gas sector to emerge.”

“To signal the importance we give to this sector, our new Council of Ministers passed in its first meeting two pending decrees related to the Tender Protocol, the Model contract and block delineation. I am happy to announce that the Council of Ministers will soon be adopting the draft taxation law for petroleum activities and sending it to Parliament. Following this, the regulatory framework will be complete,” he said.

“In addition, the first offshore licensing round was firmly re-launched in January to attract the best reputable International Oil Companies.

“We are determined on setting a national energy roadmap; one that merges with Lebanon’s economic, social, geopolitical and developmental policies,” added Hariri.

“Today, the Lebanese Government is determined to go through with the first round of oil and gas tenders in a transparent fashion. This has been highlighted by the Cabinet’s decision to join the Extractive Industries Transparency Initiative, (E.I.T.I) which is a multi-stakeholder initiative that offers civil society a seat at the table and empowers them to actively contribute to governing their national wealth by having general oversight over the oil and gas sector. We are set on integrating the exploitation of Lebanon’s Oil & Gas wealth in the real economy,” he said.

“Our aim is to increase employment, strengthen our social safety nets and raise living standards. We are hopeful that this will bring about a new economic reality, that will raise demand for employment enough to curb migration of our youth out of the country. Notwithstanding the expected positive effects, we will take appropriate precautions to minimize any negative consequence from the production of oil and gas,” stressed the MP.

“We are well aware of the risks attached to sudden resource discoveries and we fully intend to minimize any potential negative impact. Indeed, we plan to successfully transform our natural resource wealth into sustained economic growth and poverty reduction through the appropriate fiscal and structural policies,” concluded Hariri.

Comments 14
Thumb ado.australia 07 March 2017, 15:01

Prime Minister Hariri talks the talk! I'm impressed with the way he is speaking... only hope he can walk the walk! I have much good will for Saadadine Hariri. I want to believe in him and hope he is real for the sake of Lebanon. Unforuntalty, we are all skecptical of the lebanese politicians with the golden tongue, being nothing but thieves, lining their own pockets. Please Prime Minister Hariri, prove to us all is not lost and deliver to the people and don't just increase your personal wealth.

Thumb i.report 07 March 2017, 15:16

Mr Hariri, you can't have a sustainable business plan with a resource that isn't sustainable at all. Hello business 101? You can subscribe online ...for a free course.

Thumb ado.australia 07 March 2017, 15:43

Texas, my comments mostly always get deleted as well. I think that if someone "reports" your comment, it automatically gets deleted.

Thumb Mystic 07 March 2017, 16:41

Texas, maybe Naharnet figured out that they were backing the losing side in this country, and now they realized it feels better to be on the winning wagon.

Thumb Mystic 07 March 2017, 16:41

Now that was a joke, I'm sure Naharnet still supports you people.

Thumb Mystic 07 March 2017, 18:04

texas, so you admit that you people were all US/Arab zionists to begin with?

Thumb Southern...... 07 March 2017, 18:07

"... Aoun got elected & Aleppo fell Hezbos here started telling all the Anti-Hezbollah commentators....": then, as a loser you have been banned ten times... funny.

and mine why!

Thumb Southern...... 07 March 2017, 18:21


@ado.australia states it correctly.. but you have to make it as if you are worth something to be banned due to your political affiliation, No... i don't think that people care about what you say and about your stance, irrelevant.

Thumb blablablablabla 07 March 2017, 19:32

what if all these "commentators" you though that were on your side were just one person using multiple nicknames and it got spotted by Naharnet?

Maybe you just forgot what we were all saying and knew for so long

Thumb blablablablabla 07 March 2017, 19:39

actually i m thinking in particular about the guy that used to insult all the commentators and terrorist

Thumb blablablablabla 07 March 2017, 19:35

or just they didnt got their last pay :/

Missing humble 07 March 2017, 19:36

Just wait and see...

Thumb blablablablabla 07 March 2017, 21:53

Actually Ghosn is opening a winery and buying lands in the Bekaa (and Hermel)
Zooory for ya

Thumb blablablablabla 08 March 2017, 00:05

opening a car manufacture in Lebanon with such a small market, so high corruption rate among others things and no raw materials would be a stupid decision

so financially it is not possible

besides, it wouldnt be a Nissan but a Renault (and they are already implanted in Iran by the way)