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Asharq Al-Awsat
Asharq Al-Awsat
World
Asharq Al-Awsat

Lebanon Says to Take Novatek’s 20% Share in Oil and Gas Consortium

Novatek Lebanon Oil
A base for United Nations peacekeepers of the UN Interim Force in Lebanon (UNIFIL), in Naqoura near the Lebanese-Israeli border, southern Lebanon, Nov. 11, 2020. (Reuters)

Lebanon said on Monday it will take over Novatek's 20% share in a consortium licensed to explore two offshore oil and gas blocs after the Russian gas giant decided to quit.

The energy ministry said in a statement it had taken the decision to enter the consortium instead of Novatek and had asked it to waive its share in favor of the Lebanese state.

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