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Lebanon Parliament To Vote On Offshore Oil, Gas Rights Bill

Lebanese lawmakers were to vote Tuesday on a law authorizing the exploitation of offshore oil and natural gas reserves, paving the way for an auction on rights to the potential resources, an official said.
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Τρι, 17 Αυγούστου 2010 - 15:11
Lebanese lawmakers were to vote Tuesday on a law authorizing the exploitation of offshore oil and natural gas reserves, paving the way for an auction on rights to the potential resources, an official said.

"It is quite likely the law will be adopted today," Ali Hamdan, an adviser to the speaker of Lebanon 's parliament, told AFP.

The law calls for the establishment of a treasury and a committee to oversee exploration and drilling off Lebanon , a Mediterranean country which currently has no access to oil reserves.

Lebanon's national debt currently stands at more than $50 billion.

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