Lebanon Oil and Gas summit held at Four Seasons Hotel in Beirut, Monday, April 22, 2013. (The Daily Star/Mahmoud Kheir)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
It might seem unusually early in the game to start talking about how to manage Lebanon's oil and gas wealth through a national sovereign wealth fund, given that there has still been no actual discovery of the resource, and any production would take at least five years to start.Norway's fund has $998.93 billion in assets under management.Gormley has been traveling to Lebanon since 2013, participating in panels on energy governance and sovereign wealth.Abu Dhabi's fund, Mubadala, has a policy of only making investments abroad – a way to diversify investments and keep a stable fund in a volatile region, and prepare for a day when the fund can sustain itself without oil revenues.In other cases, such as Kuwait, sovereign wealth funds have lost money due to bad investments, a sign that successfully managing oil wealth isn't a given, even for experienced oil-rich states.Moving forward, Lebanon will also likely be looking at the changing models of sovereign wealth fund investment strategies, which have become increasingly globalized and intertwined, with funds dabbling in riskier investments and some funds co-investing with other countries.Ultimately, it will be up to Lebanon's decision-makers to determine how its sovereign wealth fund is structured and administered.
Lebanon flops on competitiveness: report
Forbes Middle East honors prominent Lebanese figures
Education innovator runs school for ‘tomorrow’s leaders’
FOLLOW THIS ARTICLE