LOGI has called for an independent audit of revenues from the oil and gas sector, mainly from the sale of seismic data, following an investigation in collaboration with journalist Jad Ghosn and in partnership with the Heinrich Boel Stiftung -Middle East office.
Some $43 million in revenues were made from the sale of seismic data. Those funds have been placed in an account in the Central Bank in the name of the Energy Minister and the director of the Lebanon Oil Installations.
The investigation revealed a need to audit the Central Bank account in which these revenues are being held, by an independent auditor selected through a transparent process. The auditor should vet the deposit in order to determine the sources of revenue and verify whether any of the funds have been spent.
At the same time, the Lebanese state should publish the contracts through which it has obtained these revenues.