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The completion of the oil agreement between Iraq and Lebanon.. these are its details
- Time: 07/16/2021 09:21:45
- Reading: 780 times
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{Economic: Al Furat News} The Director General of Public Security in Lebanon, Major General Abbas Ibrahim, announced the completion of the fuel agreement with Iraq, at a time when the electricity and fuel crisis in Lebanon continues to threaten the work of most vital sectors.
Ibrahim indicated that the agreement contract will be signed within two days, provided that Lebanon receives the amount of fuel within two weeks, based on arrangements currently taking place between the Central Bank of Iraq and its counterpart in Lebanon.
For months, Lebanon has been experiencing an electricity crisis, as a result of which the feeding hours provided by the Electricity of Lebanon Company have decreased to two hours in some areas. This is due to the state's inability to secure the funds necessary to import fuel oil to operate electricity production plants.
Months ago, Lebanon had reached an agreement with Iraq to provide 500 thousand tons of oil in exchange for Lebanon providing medical and hospital services, so that the Iraqi Council of Ministers would return and vote to increase Lebanon's support with crude oil to one million tons.
Although the agreement was based on oil in exchange for medical services, Ibrahim announced that the oil would be paid for with facilities, and that the payment mechanism would be through the Central Bank of Iraq and the Central Bank of Lebanon.
It is not yet clear whether the technical specifications of the oil that will reach Lebanon are compatible with its power plants, or whether it will be exchanged with other countries.
Fuel prices in Lebanon recently rose by more than 40 percent after the government's decision to reduce fuel import subsidies from 1,500 pounds to the dollar to 3,900 pounds due to the decline in the Central Bank of Lebanon's foreign currency reserves.
[You must be registered and logged in to see this link.]
{Economic: Al Furat News} The Director General of Public Security in Lebanon, Major General Abbas Ibrahim, announced the completion of the fuel agreement with Iraq, at a time when the electricity and fuel crisis in Lebanon continues to threaten the work of most vital sectors.
Ibrahim indicated that the agreement contract will be signed within two days, provided that Lebanon receives the amount of fuel within two weeks, based on arrangements currently taking place between the Central Bank of Iraq and its counterpart in Lebanon.
For months, Lebanon has been experiencing an electricity crisis, as a result of which the feeding hours provided by the Electricity of Lebanon Company have decreased to two hours in some areas. This is due to the state's inability to secure the funds necessary to import fuel oil to operate electricity production plants.
Months ago, Lebanon had reached an agreement with Iraq to provide 500 thousand tons of oil in exchange for Lebanon providing medical and hospital services, so that the Iraqi Council of Ministers would return and vote to increase Lebanon's support with crude oil to one million tons.
Although the agreement was based on oil in exchange for medical services, Ibrahim announced that the oil would be paid for with facilities, and that the payment mechanism would be through the Central Bank of Iraq and the Central Bank of Lebanon.
It is not yet clear whether the technical specifications of the oil that will reach Lebanon are compatible with its power plants, or whether it will be exchanged with other countries.
Fuel prices in Lebanon recently rose by more than 40 percent after the government's decision to reduce fuel import subsidies from 1,500 pounds to the dollar to 3,900 pounds due to the decline in the Central Bank of Lebanon's foreign currency reserves.
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