The outgoing Prime Minister of Lebanon, Rafiq Hariri, has turned down an offer to head a new government.

A statement from President Emile Lahoud, who made the offer on Friday, said he had accepted the decision and would consult MPs aboutfinding a new prime minister.

Mr Hariri, who's a self-made billionaire in the construction industry, said in a CNN interview his name would not figure in the consultation process, although he didn't rule out returning to the job in the future.

Correspondents say a leading contender for the post which is reserved for a Sunni Muslim is the former prime minister Salim al-Hoss.