Home LeadersNon-evasive action

Non-evasive action

by Executive Editors

Lebanon’s authorities have some explaining to do. For reasons no one has ever explained, companies with no qualifications have been allowed to participate in Lebanon’s first offshore licensing round, provided they find a qualified partner. We don’t know who made the decision. Cabinet approved the decree allowing for it in February 2013. According to the law, the Minister of Energy and Water, based on a recommendation from the Lebanese Petroleum Administration (LPA), presented the decree for approval. Executive has been unable to verify who inserted language to allow companies with no experience to piggyback their way into the sector, but we are certain it is a bad idea. If Lebanese companies want to bid, they simply need to acquire a qualified concern. If they’re too small for such an acquisition, then they’re too small to shoulder any of the heavy lifting — and liability — needed to drill in deep

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1 comment

Ziad October 2, 2014 - 4:47 PM

Unfortunately, we do not have corporate governance…REAL performance measurement and corporate disclosure!

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