Transparency and governance in focus as Lebanons Sovereign Oil and Gas Resources Fund law takes shape

Transparency and governance in focus as Lebanons Sovereign Oil and Gas Resources Fund law takes shape

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2023-07-20 | 08:31

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Transparency and governance in focus as Lebanon's Sovereign Oil and Gas Resources Fund law takes shape

The Parliament's Finance and Budget Committee deliberated the proposed law for the Sovereign Oil and Gas Resources Fund, as Committee Chairman, MP Ibrahim Kanaan, scheduled next Monday for further discussions to finalize the law's approval. 

MP Kanaan stated, "Today's meeting revolved around the issue of governance, particularly the appointment of a board of directors for the fund in accordance with globally recognized standards." 

"We also proposed specifying the required years of experience and seeking assistance from specialized international companies for recruitment. Additionally, we worked on incorporating the mechanisms related to the members' roles and the fund's functions directly into the law instead of leaving them entirely to executive decrees," he added. 

He reiterated his commitment, emphasizing that the approach towards this law should be devoid of any political bias throughout this session and all preceding ones.  

He also emphasized the significance of this project as a beacon of hope for Lebanon, contributing substantially to restoring financial and economic confidence while concurrently implementing essential structural reforms.

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