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A parliamentary subcommittee studying draft legislation that would establish a sovereign wealth fund for proceeds from potential oil and gas exploration has made headway Wednesday, according to Metn MP Ibrahim Kanaan, who headed the meeting.Musawi said that the fund's revenues should not fully rely on crude oil taxes, but should also include proceeds from taxes on any upstream and downstream oil and gas activities such as "exploration, processing, transportation, storage, distribution and manufacturing," the statement said.The subcommittee was established early last month after a draft bill was introduced in Parliament in November 2017 that had envisioned an independent sovereign wealth fund for any potential income from petroleum or other natural resources.According to the text, the fund would be run by an eight-member board of directors appointed by the Cabinet.
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