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Wednesday, August 17, 2011 Lebanon Parliament committee asks for the formation of oil regulatory body

The parliamentary Public Works, Transportation, Energy and Water Committee requested from the Lebanese government Tuesday to immediately create a body to run the oil sector, so that Lebanon starts benefiting from its offshore oil and gas reserves.

Lebanon’s Parliament endorsed on August 4 a draft law demarcating the county’s maritime borders .
Prime Minister Najib Mikati described the step as a “great achievement”
To be noted that these offshore resources are valued in billions and should have a huge impact on Lebanon’s economy.