Business

Breaking News

Lower House reviews Oil Benefit Act

By Titus Tokpah
Deep sea mining
Deep sea mining

(mylbsonline/Liberia)-A draft law, seeking to compel oil companies in Liberia to provide benefits to coastal and affected counties, is before the House of Representatives for passage.

The Bill, introduced by Rivercess County Representative, Francis Paye, will ensure benefits such as social development funds, among others.

The Bill’s introduction comes weeks after the approval of the controversial Bloc 13 Oil Deal.

Representative Paye told mylbsonline Legislative Reporter that coastal counties, where oil companies are to operate, will get 60% benefit.

Also in affected counties, 40% benefits will be distributed among them. The coastal county Oil Benefit Act is now being reviewed by the relevant committees at the Lower House.

 


Copyright 2012 Mylbsonline.com All Rights Reserved.