26 October 2016
STRENGTHENING TRANSPARENCY IN THE OIL AND GAS SECTOR
The LPA took active participation in a conference organized by the Lebanese Forces Party on Wednesday October 26. The purpose of the conference was to introduce the draft law, which aims to promote transparency in the oil and gas sector, that the Party’s Parliamentarian Block and MP Joseph Maalouf developed.
H.E. Minister of Energy and Water Arthur Nazarian delivered a note during the conference in which he emphasized on the importance of the work already achieved by the Ministry and the LPA to date in terms of putting in place a strong legislative framework that ensures transparency throughout the development of the sector. Furthermore, the Minister highlighted the major role transparency and access to information play in informing the public debate. H.E. Nazarian also spoke about the opportunity cost associated with delaying the approval of the two decrees, and urged Lebanon to kick-start its prospective petroleum sector that holds significant opportunities.
The LPA’s Chairman Mr. Wissam Zahabi delivered a presentation addressing the governance and transparency frameworks in the oil and gas sector, while MP Maalouf explained the importance that sound governance, transparency and clear rules and regulations play in the petroleum sector when tackled early on.
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