The parliamentary Finance and Budget Committee will reconvene on Monday, July 24, to continue its review of the law on the Sovereign Fund for the investment of revenues from the gas and oil resources that Lebanon hopes to find in its waters.
The committee chairman, MP Ibrahim Kanaan, made the announcement at the end of a meeting held on Thursday in the presence of Caretaker Minister of Finance Youssef Khalil and representatives of the Lebanese Petroleum Administration (LPA).
The fund is expected to be in place before gas exploration begins in the last week of August. In this regard, the Transocean Barents drilling rig is sailing toward Lebanese territorial waters, where it is expected to arrive on August 15.
The revenues that Lebanon intends to generate from its gas and oil resources will be invested in a fund that will be owned by the state but whose management will be completely independent. The government and parliament will be empowered to set its general policy. The fund will be state-owned, offering a variety of financial investments (stocks, bonds, real estate, etc.).
The aim of the Sovereign Fund, which has already been established in several countries, including Kuwait and Norway, is to ensure transparent management of oil and gas revenues.
