| 25 February 2024, Sunday |

Lebanese oil and gas initiative: consultations with Hochstein must be comprehensive

The Lebanese Oil and Gas Initiative (LOGI) on Monday issued a statement urging decision-makers that “the consultation with the US mediator, Ambassador Amos Hochstein must be comprehensive and integrated for the oil policy in Lebanon, and complying with the principles of transparency, with keenness on keeping all issues open to public opinion.”

“The oil and gas sector can exacerbate the economic and financial crises that Lebanon is witnessing, similar to other sectors that have been rattled by corruption and mismanagement,” LOGI maintained.

It underlined the importance of “exerting great efforts to fortify the oil sector by strengthening the watchdog agencies and accountable governing bodies to confront the structural defect and neutralizing it from political polarizations so that Lebanon can transform its revenues from natural wealth into profitable productive wealth for future generations,” warning against “relying on the Central Bank and banks’ floatation policies.”

LOGI emphasized the importance of “demanding the adoption of Line 29 rather than Line 23, and to highlight that the Karish field is a disputed field, and that diluting the issue by demanding the Qana field will turn the conflict from Karish to Qana, and Lebanon will lose the opportunity to reach a just solution in accordance with international law to begin drilling in our waters.”

  • NNA