Qatar's energy giant cements Lebanon deal, substituting Russia

The Qatari firm officially took over the stake previously held by a Russian company.
ANWAR AMRO/AFP via Getty Images
(L to R) CEO of Italian multinational oil and gas company ENI Claudio Descalzi, Qatar's Minister of State for Energy Affairs and President and CEO of QatarEnergy Saad Sherida al-Kaabi, Lebanon's caretaker Prime Minister Najib Mikati, Lebanon's caretaker Energy Minister Walid Fayad and Chairman and CEO of Total Energies Patrick Pouyanne attend a signing ceremony for offshore gas exploration in the capital Beirut on Jan. 29, 2023. - ANWAR AMRO/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

QatarEnergy formally agreed Sunday to take a stake in Lebanon’s offshore energy exploration blocks, substituting Russia's Novatek in a deal that US envoy Amos Hochstein helped broker. 

The deal was signed in Beirut with France’s TotalEnergies and Italy’s Eni. QatarEnergy took a 30% stake in Blocks 4 and 9 in Lebanon’s Mediterranean Sea territory, while TotalEnergies and Eni will now each have a 35% stake, according to a press release. 

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