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Lebanon Passes Oil Tax Law Ahead of Energy-Rights Auction

  • Country set Oct. 12 as deadline for bids to explore offshore
  • Lebanon seeking to catch up with neighbors in oil, gas search
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Lebanon’s parliament approved a law to tax revenue from oil operations, weeks before its first sale of offshore energy exploration rights to interested companies like Total SA and Exxon Mobil Corp.

Lawmakers approved the petroleum tax law in a vote on Tuesday, the state-run National News Agency reported. Energy minister Cesar Abi Khalil called on qualified companies to take the new tax law into consideration when bidding for the upcoming energy auction, the agency said.