LEBANON

Lebanon Faces Steep Rise in Local Cost of Oil Imports 

According to a report prepared by the Directorate General for Oil at the Lebanese Ministry of Industry and Oil, Lebanon's total oil import bill for 1985 is expected to rise to LL12.5bn, or roughly $693mn at the current exchange rate of $1.00=LL18.00 - an alarming figure in local currency if compared to the 1985 state general and independent budgets totalling LL12.9bn ($717mn) which were approved earlier this month (...