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18 April 2016

The Lebanese Petroleum Administration (LPA), represented by the Chairman and Head of Economic and Finance Department, Mr. Wissam Zahabi, and the President of the Association of Lebanese Industrialists (the Association), Dr. Fady Gemayel, signed together a Memorandum of Cooperation with the presence of the Minister of Water and Energy, Mr. Arthur Nazarian, the LPA’s Board members, and the members of the association.

This cooperation embraces several topics as to the preparation of studies related to the uses of Natural Gas in the local industrial sector, as well as plans for the gas transportation infrastructure to the existing industrial zones to be established in the medium and long term.

Furthermore, the cooperation will deploy the fundamental basis needed in order to launch the economic and environmental feasibility studies of the usage of the natural gas as an alternative source for power generation. Moreover, those studies will also highlight the positive impact of gas usage on lowering the cost of production and thereby raise the competitiveness advantage of the local Lebanese industries.

Panelists Mr. Nazarian, Dr. Gemayel and Mr. Zahabi stressed the need to strengthen the cooperation between the public and private sector and to push forward to relaunch the first Offshore Licensing round, to issue the two related decrees that are still pending at the Council of Minister, and finally to ratify the draft taxation law by the Parliament.

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