Bassil lauds Oil sector draft law endorsement

Energy and Water Minister Gebran Bassil asserted on Monday that Lebanon plans tender-attraction for offshore oil prospecting within the coming three months, downgrading dangers of possible Israeli clash.

The House passed a law setting Lebanon's maritime boundary and Exclusive Economic Zone last August. Lebanon also officially submitted to the United Nations a maritime map that conflicted with the one proposed by Israel.

"American, European, Russian and Chinese groups have expressed interest," said the Minister, "we are working on making possible offshore prospecting a stabilizing factor [for Lebanon] rather than a reason for dispute." Bassil was certain that Israel had no interest in threatening Lebanon's oil, as it had its own oil to focus on.

"The oil issue requires speedy action unlike the pace taken in other files", Bassil said, calling for a swift appointment of fuel sector administrative Board and the completion of decrees to launch international tenders.

Bassil stressed that any delay in this regards is not permissible.

On the other hand, Bassil launched "Janna Dam" Project, considered to be one of the biggest dams in Lebanon.

"Janna Dam" is a water project located in Nahr Ibrahim area benefiting people of the North and the South. The project's cost is estimated at USD 200 million, to be carried out on two consecutive stages.