Cabinet appoints government body to oversee oil sector

The Lebanese cabinet met on Wednesday at the Baabda presidential palace and approved the appointment of the six member oil regulatory authority ( or National Oil Company of Lebanon ) that will be charged with managing the oil / gas sector of the economy including the launching of the bidding process and issuing the required […]

Venezuela:Bonds rally as Chavez losing invincibility

Venezuelan bonds are posting the biggest rally among major developing nations as investors bet that President Hugo Chavez’s tenure will end soon even if he wins the closest election he’s faced in 14 years. The country’s dollar bonds returned 30 percent this year as Chavez’s battle with cancer slowed his campaign

Sudanese leaders ink oil and trade deals

The leaders of Sudan and South Sudan have agreed deals on trade, oil and security, easing tensions that brought them to the brink of war in April. Omar al-Bashir and Southern counterpart Salva Kiir signed the accords after days of talks in Ethiopia’s capital. They agreed to set up a demilitarised buffer zone, and concluded […]

Oil pipeline blown up in northeast Syria

Unidentified attackers blew up an oil pipeline in the northeast Syrian province of Hasaka on Thursday, after a car bomb attack on an army checkpoint near Aleppo overnight, a watchdog said. The latest violence came after more than 300 people were killed nationwide on Wednesday in what the Syrian Observatory for Human Rights said was […]

Berri: Lebanon must hurry up to extract its offshore oil

Speaker Nabih Berri told An-Nahar newspaper in remarks published on Wednesday that the Lebanese cabinet must speed up its work to begin extracting offshore oil. “Some still do not even believe that Lebanon will become an oil rich country ,” Berri said adding: “Are we supposed to invite them to swim in the oil fields […]

Jumblatt: Defense Strategy to only serve Lebanon, not Hormuz

Progressive Socialist Party leader MP Walid Jumblatt praised on Monday President Michel Suleiman’s recent stances. In his weekly editorial in the al-Anbaa magazine Jumblatt wrote: “We are seeking arms for the defense of Lebanon only. We don’t want a defense strategy that serves the strait of Hormuz or any other area.”