You are hereHome SectorsLebanon
Lebanon's Parliament passes maritime border law
Source: OilPrice.com , Author: Joao Peixe
Posted: Tue August 9, 2011 2:57 pm

INTERNATIONAL. Concerned about possible Israeli encroachment upon recently discovered offshore natural gas fields, Lebanon's Parliament has passed draft legislation demarcating its maritime borders with Israel.
 
The 18-article law was drafted in the Parliament’s Public Works, Transport, Energy and Water Committee, headed by MP Mohammad Qabbani, The Daily Star reported.
 
At issue are two massive offshore natural gas fields, Tamar and Leviathan, off Israel's northern city of Haifa, where initial prospecting estimates have concluded that the pair of sites between them could hold as much as 688 billion cubic meters of extractable natural gas.
 
On Thursday President Michel Sleiman told visiting delegations at Beiteddine Palace, the presidential summer residence, “We will not allow anyone to lay his hand on our wealth, which our children and grandchildren deserve. We will not only pass debts to them but also a wealth that will guarantee them a better future so that they remain in Lebanon.”
 
In July tensions rose after Israel's cabinet approved a map of the country's proposed maritime borders with Lebanon and submitted it for meditation to the United Nations, which conflicts with a map submitted in 2010 by Lebanon to the UN that gives Israel less territory.

Beirut maintains that their map is in line with an armistice accord drawn up in 1949 and not contested by Israel as well as challenging Israel's assertion that a 2007 accord between Cyprus and Lebanon sets the same boundaries as those agreed between Israel and Cyprus last year.

Note: Joao Peixe is Deputy Editor at OilPrice.com.

This article is republished with permission from OilPrice.com.

For more information on oil prices and other commodity related topics please visit www.oilprice.com

 © 2011 OilPrice.com. All rights reserved

 

 

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: March 27, 2017
UAE. PwC issues new report jointly with the Global Manufacturing & Industrialisation Summit; The report outlines a roadmap for CIOs to manage the transformation of industrial companies to successfully adopt IIoT; Devising a digital strategy is key for manufacturers
date:Posted: March 27, 2017
UAE. The strongest growth rate for 2014-2015 in the region was led by Saudi Arabia and the UAE, according to a new report from The Boston Consulting Group.
date:Posted: March 27, 2017
UAE. As banks seek to be more competitive and enhance customer experiences, many look to transform their old legacy banking systems with more efficient new core solutions.
UAE. A recent study by The Boston Consulting Group found that, in 2016, GCC banks' revenues grew by 5.2%, down about 2 percentage points from 2015; The impact of the decline in oil prices has hit the banking industry; Profits declined by 3.2% for the first time since 2008.
dhgate