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[size=36]An economist reveals the details of renewing the black oil agreement between Iraq and Lebanon[/size]
Economy| 09:16 - 05/17/2023
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Baghdad - Mawazine News
, economist Nabil Al-Marsoumi revealed, on Wednesday, the details of renewing the black oil agreement between Iraq and Lebanon.
Al-Marsoumi wrote on his Facebook page, "Iraq agreed to continue supplying heavy fuel oil or black oil to Lebanon for another year to operate electricity production plants, and to increase the volume of supplies by 50% from one million to 1.5 million metric tons annually, with the same previous conditions." Iraq also agreed to a trade agreement to supply Lebanon with an additional two million metric tons of fuel oil.The previous conditions include the following:
1. The Iraqi-Lebanese agreement includes the sale of fuel oil at the rate of one and a half million tons annually, according to the price approved by the Iraqi oil marketing company SOMO in the month of loading the shipment. The fuel oil is used either directly in power plants in Lebanon or refined at the expense of the Lebanese government into products. Secondary oil or replace it with a third party in order to change the specifications for use by the Lebanese government.
2. The sale process shall be organized according to what is signed between the Iraqi Oil Marketing Company and the Lebanese government agency, provided that the purchaser is an entity belonging to the Lebanese state.
3. The Iraqi Ministry of Finance authorizes the Central Bank of Iraq to open and manage a bank account with the Banque du Liban in US dollars for the exclusive purposes of the agreement.
4. The heavy fuel oil material will be supplied after opening an unconfirmed letter of credit in the name of a Lebanese government agency or the Lebanese Electricity Company through the Banque du Liban in favor of the Central Bank of Iraq on behalf of the Iraqi Oil Marketing Company to supply one and a half million tons of that substance according to the deferred payment mechanism after The lapse of one year from the date of acceptance of the shipping documents so that the full value of the documents is paid into the Central Bank of Iraq account opened at the Banque du Liban.
5. The balance of the Central Bank of Iraq at the Banque du Liban shall be transferred to a bank deposit for a period of one year, which shall be automatically renewed by agreement of the two parties, and interest shall be due on the balance in accordance with what is in effect at the Banque du Liban.
6. The Iraqi side will exclusively use the balance of the above account, in whole or in part, according to the mechanism that will be agreed upon with the Lebanese side for the purpose of purchasing goods and services for the benefit of Iraqi ministries and institutions, provided that the Banque du Liban ensures that the Lebanese entities that provide services to the Iraqi side receive their dues using payment orders or In cash in the local currency upon request, and from the accumulated balance in the Central Bank of Iraq account opened for the purpose of implementing this agreement with the Banque du Liban, and according to the exchange platform price or the parallel market rate approved by the Banque du Liban.
7. The Central Bank of Iraq account shall be exempted from any taxes imposed or may be imposed on bank accounts in the Lebanese Republic.” Ended 29/N33
, economist Nabil Al-Marsoumi revealed, on Wednesday, the details of renewing the black oil agreement between Iraq and Lebanon.
Al-Marsoumi wrote on his Facebook page, "Iraq agreed to continue supplying heavy fuel oil or black oil to Lebanon for another year to operate electricity production plants, and to increase the volume of supplies by 50% from one million to 1.5 million metric tons annually, with the same previous conditions." Iraq also agreed to a trade agreement to supply Lebanon with an additional two million metric tons of fuel oil.The previous conditions include the following:
1. The Iraqi-Lebanese agreement includes the sale of fuel oil at the rate of one and a half million tons annually, according to the price approved by the Iraqi oil marketing company SOMO in the month of loading the shipment. The fuel oil is used either directly in power plants in Lebanon or refined at the expense of the Lebanese government into products. Secondary oil or replace it with a third party in order to change the specifications for use by the Lebanese government.
2. The sale process shall be organized according to what is signed between the Iraqi Oil Marketing Company and the Lebanese government agency, provided that the purchaser is an entity belonging to the Lebanese state.
3. The Iraqi Ministry of Finance authorizes the Central Bank of Iraq to open and manage a bank account with the Banque du Liban in US dollars for the exclusive purposes of the agreement.
4. The heavy fuel oil material will be supplied after opening an unconfirmed letter of credit in the name of a Lebanese government agency or the Lebanese Electricity Company through the Banque du Liban in favor of the Central Bank of Iraq on behalf of the Iraqi Oil Marketing Company to supply one and a half million tons of that substance according to the deferred payment mechanism after The lapse of one year from the date of acceptance of the shipping documents so that the full value of the documents is paid into the Central Bank of Iraq account opened at the Banque du Liban.
5. The balance of the Central Bank of Iraq at the Banque du Liban shall be transferred to a bank deposit for a period of one year, which shall be automatically renewed by agreement of the two parties, and interest shall be due on the balance in accordance with what is in effect at the Banque du Liban.
6. The Iraqi side will exclusively use the balance of the above account, in whole or in part, according to the mechanism that will be agreed upon with the Lebanese side for the purpose of purchasing goods and services for the benefit of Iraqi ministries and institutions, provided that the Banque du Liban ensures that the Lebanese entities that provide services to the Iraqi side receive their dues using payment orders or In cash in the local currency upon request, and from the accumulated balance in the Central Bank of Iraq account opened for the purpose of implementing this agreement with the Banque du Liban, and according to the exchange platform price or the parallel market rate approved by the Banque du Liban.
7. The Central Bank of Iraq account shall be exempted from any taxes imposed or may be imposed on bank accounts in the Lebanese Republic.” Ended 29/N33
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