He added: “In the event that commercial quantities are discovered, this will be developed at the required speed and supply the Lebanese market, especially the power plants, with natural gas, which will contribute to growth in the local economy.”

Mikati’s words came during his patronage of the signing ceremony of “the amended annexes to the exploration and production agreements in Blocks 4 and 9”, on the occasion of “Qatar Energy” Company’s joining as a partner with the French “Total Energy” and the Italian “Eni” Companies.

He considered that the joining of “QatarEnergy” Company and its acquisition of 30 percent of the exploration and production agreements in Blocks 4 and 9 “constitutes an important and exceptional event in the oil exploration and production sector in the Lebanese marine waters, due to QatarEnergy’s global prestige and experience in the gas industry.”

Mikati added: “The operator, Total Energy, which owns a 35 percent stake, in addition to Eni, which owns a 35 percent stake, will start drilling in Block 9, after completing environmental surveys and concessions related to drilling and launching logistical activities from the port of Beirut.”

He stressed that “the consortium of companies operating in Blocks 4 and 9 will contribute to advancing investments in the energy sector in Lebanon, which is a long-term investment that the Lebanese state will support with good governance and absolute transparency.”

Moreover, Mikati deemed that the “Qatari investment in the energy sector constitutes a strategic partnership between Lebanon and the sisterly State of Qatar and opens the way in the future for Arab and Gulf investments in particular, for the benefit of Lebanon and its Arab brothers.”

It is to note that the signing ceremony came after a meeting held this morning by Prime Minister Najib Mikati with Qatari Minister of Energy and CEO of the state company “Qatar Energy”, Saad bin Sherida Al-Kaabi, accompanied by the CEO of “Total Energy” Patrick Pouyanne, and CEO of “Eni” energy company Claudio Descalzi, in the presence of Energy Minister Walid Fayyad at the Grand Serail.

Source: National News Agency – Lebanon

The post MIKATI FROM GRAND SERAIL: PETROLEUM ACTIVITIES IN LEBANESE WATERS WILL HAVE A POSITIVE IMPACT ON COMPANIES, PROVIDE JOB OPPORTUNITIES FOR YOUTH & CONTRIBUTE TO LOCAL ECONOMY’S GROWTH appeared first on Lebanon News Gazette.

The agreements were endorsed in Beirut on January 29, during a ceremony attended by His Excellency Dr. Walid Fayad, the Minister of Energy and Water of Lebanon; His Excellency Mr. Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy; Mr. Patrick Pouyanné, Chairman and CEO of TotalEnergies; and Mr. Claudio Descalzi, CEO of Eni.

Pursuant to the terms of the agreements, TotalEnergies (operator) and Eni will each retain a 35% interest in the blocks with QatarEnergy holding the remaining 30%.

“We are very pleased to welcome QatarEnergy in our exploration acreage in Lebanon. The recent delineation of Lebanon’s maritime border with Israel has created a new momentum for the exploration of its hydrocarbon potential. Along with our partners, we are committed to drilling as soon as possible in 2023 an exploration well in Block 9, and our teams are mobilized to conduct these operations”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

This new partnership further expands the cooperation between TotalEnergies and QatarEnergy in exploration activities, and brings to nine the number of countries where the two companies have partnerships.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

@TotalEnergies TotalEnergies TotalEnergies TotalEnergies

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

Source: National News Agency – Lebanon

The post LEBANON: QATARENERGY JOINS TOTALENERGIES & ENI ON TWO EXPLORATION BLOCKS appeared first on Lebanon News Gazette.

Caretaker Minister of Energy and Water, Dr. Walid Fayyad, met this morning with Qatari Minister of State for Energy Affairs and CEO of “QatarEnergy” Company, Engineer Saad bin Sherida Al-Kaabi, alongside the Executive Director of the French “Total Energy” Group, Engineer Patrick Pouyanne, and the Executive Director of the Italian “Eni Group” Company, Engineer Claudio Descalzi, within the framework of the long oil day organized by the Ministry of Energy.

In a statement issued by the Ministry’s media office, it indicated that “discussions touched on the cooperation between all parties to welcome Qatar’s joining as a third partner in Blocks 4 and 9 and to complete the drilling of the exploration well in Block No. 9 during the year 2023.”

At the end of the meeting, Minister Fayyad and his guests signed a symbolic model of the two exploration Blocks 4 and 9 before the delegation moved to complete the official signing process in the presence and patronage of Prime Minister Najib Mikati.

After meeting with PM Mikati, Ministers Fayyad and Al-Kaabi and the CEOs of Total Energy and Eni will hold a press conference, followed by a working luncheon in honor of the guests at the Grand Serail.

Source: National News Agency – Lebanon

The post ENERGY MINISTER DISCUSSES OIL ISSUE WITH HIS QATARI COUNTERPART, SIGNS SYMBOLIC MODEL OF EXPLORATION BLOCKS 4 & 9 appeared first on Lebanon News Gazette.

Today, Saturday, the Egyptian port of Safaga received the ship PAREA, loaded with 63,000 tons of Russian wheat, imported for the Supply Commodities Authority of the Ministry of Supply and Internal Trade, according to “Russia Today” news agency.

The media center of the Red Sea Ports Authority announced that the Russian wheat shipment will be distributed to mills in southern Upper Egypt, where the port authorities examined the shipment and took the necessary measures to ensure its safety before allowing it to be released and unloaded into the silos of the Egyptian port of Safaga.

Source: National News Agency – Lebanon

The post EGYPT RECEIVES 63 THOUSAND TONS OF RUSSIAN WHEAT THROUGH THE PORT OF SAFAGA appeared first on Lebanon News Gazette.

Consequently, prices are as follows:

95-octane gasoline: LBP 1,050,000

98-octane gasoline: LBP 1,078,000

Diesel: LBP 1,025,000

LP gas: LBP 655,000

Source: National News Agency – Lebanon

The post FUEL PRICES EDGE HIGHER appeared first on Lebanon News Gazette.

Protesters have cut off the road in front of the Central Bank in Hamra in objection to the soaring USD exchange rate, our correspondent reported on Wednesday.

Source: National News Agency – Lebanon

The post PROTESTERS CUT OFF ROAD IN FRONT OF CENTRAL BANK appeared first on Lebanon News Gazette.

Caretaker Minister of Industry George Boushkian considered that “the fees charged by the Engineers Syndicate in Fresh Dollars for building permits in all their forms are very high and exceed many times the fees that the state is still charging on the basis of the dollar exchange rate of 1500 pounds, noting that the new charge rate will be 15 thousand beginning of next February.

He thus called on the Syndicate to “reconsider these fees and reduce them, especially in these exceptional and difficult circumstances, which constitute a major obstacle to investment in the construction and production sectors.”

He stressed that what is required of the public and private sectors is to establish a true partnership between them that consecrates the elements of an incubating environment for industry and other areas of employment that create job opportunities for the Lebanese, attract hard currencies to the country, and facilitate export opportunities.

Source: Natiional News Agency – Lebanon

The post BOUSHKIAN: ENGINEERS SYNDICATE’S FEES ARE VERY HIGH AND & CONSTITUTE AN OBSTACLE TO INVESTMENT appeared first on Lebanon News Gazette.

Oil prices were set to post a second straight weekly gain on Friday, spurred largely by brightening economic prospects for China which should boost fuel demand in the world’s second-biggest economy.

Brent futures for March delivery gained 26 cents, or 0.3%, to $86.42 a barrel by 0655 GMT, while U.S. crude advanced 43 cents to $80.76 per barrel, a 0.5% gain.

Both closed 1% higher on Thursday, near their highest closing levels since Dec. 1.

Chinese November oil demand climbed to the highest level since February, data from the Joint Organisations Data Initiative showed on Thursday. OPEC said on Tuesday that Chinese oil demand would rebound this year due to relaxation of the country’s COVID-19 curbs and drive global growth.

Oil prices were also supported by hopes that the U.S. central bank will soon end its tightening cycle.

Federal Reserve Bank of New York President John Williams said on Thursday the U.S. central bank is seeing signs of inflationary pressures cooling off from torrid levels.

“The two largest economies in the world are needing more crude. The oil market has been down on global recession fears, but it still is showing signs it can remain tight a little while longer,” said Edward Moya, senior market analyst at OANDA.

Also extending support to prices was a weaker dollar index , which was headed for a second consecutive weekly decline. A weaker dollar makes crude, priced in the currency, cheaper for foreign buyers.

“Oil traders are potentially buying the dip now, amid optimism around China and the United States,” said Tina Teng, analyst at CMC Markets.

According to most economists in a Reuters poll, the Fed will end its tightening cycle after a 25 basis point hike at each of its next two policy meetings, and then likely hold interest rates steady for at least the rest of the year.

A number of other Fed officials have expressed support for a downshift in the pace of rate rises.

A rebound in Chinese economy and the Russian oil industry’s struggles under sanctions could tighten energy markets in 2023, International Energy Agency (IEA) head Fatih Birol said on Thursday.

Source: National News Agency – Lebanon

The post OIL PRICES SET FOR SECOND WEEK OF GAINS ON BRIGHTER CHINA OUTLOOK appeared first on Lebanon News Gazette.

Oil prices dipped on Monday, but optimism that China’s reopening from COVID restrictions will lift fuel demand in the world’s top crude importer kept prices near 2023 highs, reached after a surge in prices last week.

Brent crude fell 64 cents, or 0.8%, to $84.64 a barrel by 0525 GMT, while U.S. West Texas Intermediate crude was at $79.30 a barrel, down 56 cents, or 0.7%, amid thin trade during a U.S. public holiday.

Both contracts rose more than 8% last week, the biggest weekly gains since October and that may have spurred some short-term selling to lock in the profits from the move higher.

“After the scale of the move last week, we could be seeing some profit taking,” said Warren Patterson, ING’s Head of Commodities Strategy, adding that thinner trading volumes would make any selling appear to be more pronounced.

Source: National News Agency – Lebanon

The post OIL DIPS, BUT HOVERS NEAR 2023 HIGHS ON CHINA DEMAND OPTIMISM appeared first on Lebanon News Gazette.

Caretaker Prime Minister, Najib Mikati, on Friday met at the Grand Serail with the Regional Director of the World Bank’s Middle East department, Jean-Christophe Carret, with whom he discussed World Bank projects in Lebanon, including an assistance to the educational sector amounting to an allocation of approximately $25 million.

The meeting also focused on aid amounting to approximately USD one million, which will be allocated to the electricity sector in order to carry out a financial audit of Lebanon’s electricity company “Electricité du Liban” in a bid to re-examine tariffs and the overall financial situation, establish a regulatory framework, as well as discuss the granting of a second “safety net -Aman” loan.

The meeting also discussed the possibility of obtaining a grant of approximately $6 million from the Trust Fund to help the Ministry of Finance in the information system, tax reforms, the new law on public accounting, and the audit of the assets of 14 Lebanese banks representing 85% of the banking sector — one of the preconditions of the agreement with the International Monetary Fund.

Source: National News Agency – Lebanon

The post MIKATI, CARRET DISCUSS WORLD BANK’S LOANS AND PROJECTS IN LEBANON appeared first on Lebanon News Gazette.