This article was published in LOGI's July 2020 newsletter in partnership with Kulluna Irada.
This month LOGI launched two main campaigns covering the establishment of a sovereign wealth fund in Lebanon and the revenues collected up to date from sales of seismic packages.:
In partnership with Friedrich Ebert Stiftung (FES-Lebanon Office) and with the support of Kulluna Irada (KI), LOGI launched an online campaign entitled “The truth about Lebanon and the sovereign wealth funds”. The main objective was to raise awareness about the nature of the sovereign wealth funds, the importance of establishing the right one in Lebanon. The campaign also introduced the steps that Lebanon needs to take before establishing a SWF.
Click here to check out the full Q/A video campaign with LOGI’s executive director Diana Kaissy.
In Cooperation with Heinrich Böll Stiftung, LOGI also launched an online campaign to share the key recommendations that aim to increase transparency on the issue pertaining to revenues collected up until today from selling seismic packages. After launching a campaign back in December 2019 asking for more clarity and oversight on these revenues, LOGi continues working on this issue and pushing for the adoption of its recommendations:
Audit the specific account, in which these returns are deposited, by an independent auditing company (selected through transparent norms as a proof of non-bias and independence), to vet the incomes deposited, their sources and the expenditures. The objective of this audit is to follow transparent measures still absent in the management of public funds, notwithstanding of the size of the account.
Elaborate a Law by virtue of which the use of the returns is prohibited until the creation of the Sovereign Wealth Fund.
Publish the agreements by virtue of which the Lebanese State collects a share of the sale of seismic data, while withholding the information that could jeopardize the interests of the State vis-à-vis the companies.
With the SEA now published on the LPA’s website, LOGi continues supporting civil society to further crystalize its role as an oversight body over the implementation of this vital tool.On July 10th, LOGI held a virtual meeting with different civil society organizations and experts to review the content of the revamped SEA and its recommendations. Further discussions will lead to mobilizing civil society to ensure adherence to the SEA.
Finally, this month, LOGI launched a new partnership with Crystol Energy to support local young talent in Lebanon. The collaboration consists of offering regular internship opportunities to Lebanese graduates who want to pursue a career in Energy. Click here for further information.