Lebanon Signs Gas Exploration Deal with International Consortium Amid Economic Crisis https://english.aawsat.com/business/5227931-lebanon-signs-gas-exploration-deal-international-consortium-amid-economic-crisis
Lebanon Signs Gas Exploration Deal with International Consortium Amid Economic Crisis
In this photo released by the Lebanese Government press office, Lebanese Prime Minister Nawaf Salam, right background, attends the signing of an international consortium deal for gas exploration in the cost of southern Lebanon between the Lebanese government and representing officials from the international consortium consisting of France's Total, Italy's ENI, and state-owned oil and gas company Qatar Energy, in Beirut, Lebanon, Friday, Jan. 9, 2026. (Lebanese Government press office via AP)
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Lebanon Signs Gas Exploration Deal with International Consortium Amid Economic Crisis
In this photo released by the Lebanese Government press office, Lebanese Prime Minister Nawaf Salam, right background, attends the signing of an international consortium deal for gas exploration in the cost of southern Lebanon between the Lebanese government and representing officials from the international consortium consisting of France's Total, Italy's ENI, and state-owned oil and gas company Qatar Energy, in Beirut, Lebanon, Friday, Jan. 9, 2026. (Lebanese Government press office via AP)
Lebanon ’s government on Friday signed a deal with an international consortium to explore gas in an offshore area bordering Israel.
The deal for exploration at the so-called Block 8 off the coast of southern Lebanon comes after Lebanon and Israel signed a 2022 agreement over their maritime border. The new deal is the latest to be granted by Lebanon to international companies to search for gas in its territorial waters.
Cash-strapped Lebanon hopes that future gas discoveries will help the country pull itself out of the worst economic and financial crisis in its modern history.
The deal was signed at the government’s headquarters in downtown Beirut by Energy Minister Joe Saddi from the Lebanese side and officials from the international consortium consisting of France’s TotalEnergies, Italy’s ENI, and state-owned oil and gas company Qatar Energy.
TotalEnergies said in a statement that the consortium plans to start with a 1,200-square kilometer (463 square mile) 3D seismic survey to assess the area’s exploration potential.
In 2017, Lebanon approved licenses for France’s TotalEnergies, Italy’s ENI and Russia’s Novatek to move forward with offshore oil and gas development for two of 10 blocks in the Mediterranean Sea, including one that was at the time in a disputed part with neighboring Israel.
The companies did not find viable amounts of oil and gas in one of the blocks north of Beirut, and drilling in another in the south was repeatedly postponed because of the maritime border dispute with Israel. Lebanon and Israel later signed a deal over their maritime border in 2022.
In August 2023, an offshore drilling rig began operations in the Mediterranean Sea off Lebanon’s coast.
That did not give positive results, but Patrick Pouyanné, Chairman and CEO of TotalEnergies, said in a statement that they will keep trying in other areas.
“We remain committed to pursue our exploration activities in Lebanon,” said Pouyanné. “We will now focus our efforts on Block 8, together with our partners Eni and QatarEnergy and in close cooperation with Lebanese authorities.”
On Oct. 8, 2023 Lebanon’s Hezbollah started firing rockets toward Israeli posts along the border to back its Hamas allies a day after the Palestinian group attacked southern Israel. The war lasted 14 months during which Hezbollah was severely weakened.
In January 2023, Lebanon, ENI, TotalEnergies and state-owned oil and gas company Qatar Energy signed an agreement in which the Qatari firm replaced Novatek. Under the deal, Qatar Energy takes Novatek’s 20% stake in addition to 5% each from ENI and TotalEnergies, leaving the Arab company with a total stake of 30%. TotalEnergies and ENI will each have 35% stakes.
Report: Multi-Level Partnerships a Safeguard for Gulf Securityhttps://english.aawsat.com/business/5279366-report-multi-level-partnerships-safeguard-gulf-security
Report: Multi-Level Partnerships a Safeguard for Gulf Security
Gulf leaders in a group photo during the Gulf Cooperation Council summit in Kuwait in 2024 (SPA).
A recent analytical report says Gulf states are well positioned to play a larger role in shaping the regional security architecture in the aftermath of the war against Iran by adopting a multi-level security approach that combines greater self-reliance with broader international partnerships.
The report, prepared by Ambassador Alessandro Minuto-Rizzo, President of the NATO Defense College Foundation and former Deputy Secretary General of the North Atlantic Treaty Organization (NATO), was published by the Gulf Research Center in Jeddah. It says partnership with NATO represents an important avenue for developing Gulf defense capabilities, offering opportunities to benefit from the alliance's accumulated military and operational expertise while enhancing strategic dialogue and exchanges in the fields of security and defense.
Multi-Level Approach
Minuto-Rizzo argues that the next phase will require Gulf states to adopt a multi-level security strategy based on diversifying partnerships and strengthening self-reliance, while maintaining strategic ties with the United States and expanding engagement with Europe and NATO.
He says Gulf countries handled the war against Iran with considerable political prudence, seeking to avoid being drawn into military confrontation despite coming under attack and sustaining direct damage. He notes that Gulf states have in recent years continued a policy of diplomatic opening toward Tehran.
The President of the NATO Defense College Foundation points to the restoration of Saudi-Iranian relations through Chinese mediation and notes that Gulf states sought to de-escalate tensions following the outbreak of the war while strengthening contacts with potential security partners such as Pakistan, Egypt and Türkiye.
In his report, published in Views on the Gulf, a journal of the Gulf Research Center, he argues that the Gulf states' decision not to respond directly with military force to Iranian attacks was not a sign of weakness. Rather, it reflected a deep political understanding of the risks of widening the conflict and turning it into a full-scale regional war with consequences that could prove difficult to contain.
A Saudi Royal Air Defense Forces company during a graduation ceremony at Fort Bliss, United States (Ministry of Defense).
The US Role in the Region
According to Minuto-Rizzo, the United States remains the cornerstone of Gulf security despite growing debate over the past two decades about the nature of Washington's role in the region. In this context, he recalls discussions within NATO at the beginning of the century, in which he participated, regarding the Gulf's importance as a strategic partner, stressing that the region has remained firmly on Washington's security agenda.
At the same time, he says the recent war exposed the limits of some traditional assumptions about deterrence. He argues that one reason for the shortcomings exposed by the crisis was the United States' decision to enter a war against Iran that proved more complex than initially anticipated.
Nevertheless, the ambassador does not expect any significant reduction in the US presence in the Gulf given the region's strategic importance, although US-Israeli relations could see more visible divergences on certain issues in the future.
US sailors watch a US Marine Corps F-35B stealth fighter land (CENTCOM).
Lessons Learned
The President of the NATO Defense College Foundation believes one of the key lessons of the war is the need to establish clear political and strategic objectives before engaging in any military confrontation. He warns against underestimating Iran as a regional power that will remain an influential actor regardless of the war's outcome.
As for the future of regional security, the former NATO official argues that a multi-level security approach represents the most realistic option for Gulf states, particularly if members of the Gulf Cooperation Council succeed in strengthening security and military integration.
"Security partnerships do not fully align in terms of objectives and interests, but diversifying them helps build a stronger safety net capable of addressing challenges," he says.
Smoke rises above the UAE emirate of Fujairah after earlier Iranian strikes (AFP).
Minuto-Rizzo argues that NATO provides an advanced institutional framework for security cooperation that goes beyond traditional bilateral relationships, citing the Istanbul Cooperation Initiative as a mechanism that offers broad opportunities for training, coordination and capacity-building between the alliance and Gulf countries.
He says renewing partnership with NATO could open significant opportunities for Gulf states, particularly Saudi Arabia, to benefit from the alliance's accumulated military and operational expertise while also enhancing strategic dialogue and consultation between military and political leaders, helping anticipate crises and prevent their escalation.
Minuto-Rizzo also stresses the importance of strengthening Europe's presence in the Gulf, arguing that Europe can make a meaningful contribution to regional security and stability through balanced partnerships based on shared interests rather than purely military considerations.
The President of the NATO Defense College Foundation concludes that the most important message for Arab states is the need to take control of their strategic decision-making and overcome divisions that have weakened the region for decades. Building a stable security architecture, he says, requires combining self-reliance with diversified international partnerships in a way that ensures balance and stability in a region that continues to face complex and constantly evolving challenges.
Two US AH-64 Apache attack helicopters fly over the Strait of Hormuz (CENTCOM).
Gold Falls as Renewed Middle East Tensions Fuel Inflation Fearshttps://english.aawsat.com/business/5279319-gold-falls-renewed-middle-east-tensions-fuel-inflation-fears
Gold Falls as Renewed Middle East Tensions Fuel Inflation Fears
Gold bracelets on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
Gold prices fell on Monday as renewed US-Iran tensions pushed the dollar and oil prices higher, fuelling fears of inflation and reinforcing the higher-for-longer interest rate outlook.
Spot gold was down 0.7% at $4,506.49 per ounce at 1158 GMT after hitting a two-week high on Friday. The yellow metal dropped nearly 2% in May, its third consecutive monthly fall.
US gold futures for August delivery fell 1.2% to $4,536.70.
The dollar edged higher, making greenback-priced bullion more expensive for holders of other currencies, Reuters reported.
The US said it struck Iranian military sites over the weekend and Iran's Revolutionary Guards on Monday said they had targeted a US base in response, the latest exchange of attacks amid negotiations to end the three-month-old war.
"The optimism surrounding negotiations between the US and Iran aimed at ending the standoff in the Strait of Hormuz faded over the weekend," ActivTrades analyst Ricardo Evangelista said. "As a result, energy prices rebounded, reviving inflation concerns and reinforcing hawkish Federal Reserve expectations."
Brent crude oil prices gained more than 3% after the latest strikes. Higher oil prices can accelerate inflation and keep interest rates higher for longer. While gold is traditionally seen as a hedge against inflation, it loses its appeal in a high-interest-rate environment as a non-yielding asset.
Traders are now pricing in a Fed rate hike this year, with a 39% chance of a quarter-point increase in December, according to CME Group's FedWatch tool.
A host of Fed board members are set to speak this week, while major data releases are scheduled to include the ISM survey of manufacturing and the May payrolls report on Friday.
"Traders will be closely watching this week's key data releases as these have the potential to reshape expectations regarding the future path of Fed monetary policy, influencing demand for the US dollar and, consequently, the performance of gold prices," Evangelista said.
Spot silver rose 0.6% to $75.69 per ounce, platinum gained 1.3% to $1,941.15 and palladium was steady at $1,355.00.
Saudia to Expand Its Fleet with Delivery of 12 New Aircraft in 2026https://english.aawsat.com/business/5279288-saudia-expand-its-fleet-delivery-12-new-aircraft-2026
Saudia to Expand Its Fleet with Delivery of 12 New Aircraft in 2026
Saudia Airlines will fly in pilgrims from across the globe. (SPA)
Saudia Airlines has finalized a deal with Airbus to receive 12 new aircraft in 2026 as part of its ongoing fleet expansion and modernization program.
By implementing this strategy, the airline aims to improve the efficiency of its current operations, expand its reach to new international markets, and enhance the overall travel experience for its guests, SPA reported.
The arrival of the Airbus A321neo marks another milestone in Saudia’s 2026 aircraft delivery program, following the introduction of its first Airbus A321XLR.
The airline expects to receive additional modern aircraft over the course of the year as it continues to strengthen and modernize its fleet.
The continued expansion of Saudia’s fleet supports the objectives of the Kingdom’s national strategies for the aviation, tourism, entertainment, and sports sectors, while also enhancing services for pilgrims.
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