Qatar replaces Russian company in Lebanon’s gas exploration

BEIRUT: Lebanon announced on Sunday that Qatar has entered a consortium to explore for offshore gas in the Mediterranean Sea off the Lebanese coast.

The country is also counting on the participation of some other Gulf states in the consortium, a political observer said.

Lebanon is hoping the exploration and discovery of commercial quantities of oil and gas will help it overcome its current economic crisis.

The deal will see QatarEnergy receive a minority 30 percent stake in the two blocks of Lebanon’s exclusive economic zone.