Israel warns Hezbollah attack on gas field may mean war
August 22, 2022, 6:28 pm

Israel warns Hezbollah attack on gas field may mean war

A Hezbollah flag flutters in the southern Lebanese village of Khiam, near the border with Israel, Lebanon July 28, 2020. (Reuters)

Israel on Monday (August 22) warned Lebanon’s Hezbollah any attack on its gas assets could spark war, after the militant group threatened to “sever” Israel’s hands if it taps a disputed offshore field, the AFP reported, the Arab news said.

The warning from Defense Minister Benny Gantz comes amid lengthy negotiations between the eastern Mediterranean neighbors to settle a dispute over their maritime border.

Tensions spiked in June when a production vessel chartered by Israel arrived near the Karish offshore gas field, which Lebanon claims is within contested waters.

Israel said on July 2 that it had downed three drones launched by Hezbollah toward Karish.

Hezbollah leader Hassan Nasrallah said on August 9 that “the hand that reaches for any of this wealth will be severed.”

Asked if any attack by Hezbollah against an Israeli gas field could lead to war, Gantz said: “Yes, that could trigger a reaction.”

Israel said on July 2 that it had downed three drones launched by Hezbollah toward the Karish offshore gas field (AFP)

“Leading to several days of fighting and to a military campaign. We are strong and prepared for this scenario, but we don’t want it,” the minister told Israel’s 103 FM radio station.

Gantz said extraction from the gas field would begin “when it is ready to produce,” reaffirming Israel’s claim to Karish.

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“The State of Israel is both ready to protect its assets and ready to reach a deal with the Lebanese government, via American mediation, on the Sidon deposit,” he said in reference to another gas field known in Lebanon as Qana.

“I believe that in the future, there will be two gas platforms. One on our side, one on theirs. And I hope that we do not have to go through another round of confrontations before then.”

Israel and Lebanon last fought a devastating conflict in 2006 and remain officially at war, with United Nations peacekeepers patrolling the land border.

Negotiations on the maritime border resumed in 2020, with the talks stalling before being revived in June.

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The initial discussions focused on a disputed area of 860 square kilometers (332 square miles), in accordance with Lebanon’s claims registered at the UN in 2011.

Beirut subsequently requested the area be expanded by a further 1,430 square kilometers, which includes part of the Karish field that Israel states is within its exclusive economic zone recognized by the UN.

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.