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  • 21-01-18

    Lebanese startup firm awarded with oil extraction contract

    (MENAFN) Beirut-based startup firm Petroleb has been awarded with an oil extraction contract a week ago in Oman, defeating three other companies.

    Even though the contract is trivial when measured with international and regional standards, the CEO emphasized the ability of Lebanese firms to compete in oil and gas licensing rounds regardless of inadequate resources compared to major oil companies.

    Petroleb CEO Salah Khayat declared "we succeeded in winning a $20 million contract to drill for oil in Oman in one of the country's oil fields. The contract is for three years but will be extended once we complete the first phase."

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