Lebanon's parliamentary committees ratify petroleum transparency law

Source: Xinhua| 2018-09-06 19:30:11|Editor: xuxin
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BEIRUT, Sept. 6 (Xinhua) -- Lebanese caretaker water and energy minister announced Thursday that parliamentary committees succeeded in ratifying the petroleum transparency law, local media reported.

"The parliament made a very important step in adopting transparency in the oil and gas sector, and ministers are obligated to implement all the measures adopted in this framework," Cesar Abi Khalil was quoted by Elnashra, an online independent newspaper.

The Lebanese government approved a number of laws to ensure proper management and transparency of the oil and gas sector including the right to access to information law and petroleum tax law.

More laws are needed to promote confidence in the Lebanese petroleum investment climate and ensure transparency toward the public, the report said.

Additionally, the plan to join the Extractive Industries Transparency Initiative will contribute to the transparency of the sector.

Lebanon's search for its first oil and gas reserves began in May after authorities approved an exploration plan submitted by a consortium of France's Total, Italy's Eni and Russia's Novatek.