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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Baghdad supports Beirut to generate electricity with a new oil agreement

    Rocky
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    • Post n°1

    Baghdad supports Beirut to generate electricity with a new oil agreement Empty Baghdad supports Beirut to generate electricity with a new oil agreement

    Post by Rocky Sat 22 Jul 2023, 7:07 am

    [size=30]Baghdad supports Beirut to generate electricity with a new oil agreement
    [ltr]2023.07.22 - 11:16[/ltr]
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    Baghdad - Nas  
    Iraq and Lebanon signed a memorandum of understanding to provide Beirut with additional quantities of oil derivatives, amounting to two million tons annually, with the aim of using them in electricity generation, as the country has been suffering for about two years from severe power outages, as a result of the scarcity of fuel intended for operating power stations, as a result of an acute economic and financial crisis that has afflicted the country since 2019.  
      
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    The memorandum of understanding was signed at the Iraqi Energy Ministry in Baghdad, between Lebanese Energy Minister Walid Fayyad and Iraqi Oil Minister Hayan Abdul Ghani, according to a statement issued by the Lebanese Energy Ministry.  
      
    According to the memorandum, it was agreed to "extend the agreement to supply Lebanon with Iraqi fuel oil for an additional year, with an increase in the annual quantities delivered to one and a half million tons, instead of one million tons in the current agreement," according to the same statement.  
      
    The memorandum also stipulated, "To supply Lebanon with an annual amount of two million tons of crude oil, which the (Lebanese) Ministry of Energy will replace with other oil derivatives, suitable for power plants in Lebanon."  
      
    The statement pointed out that "the two parties agreed to form a joint committee to discuss the details of these contracts, in preparation for presenting them to the concerned authorities in the two countries and approving them according to the applicable laws."  
      
    In the context, the official Iraqi News Agency quoted Abdul-Ghani as saying, "This memorandum comes in implementation of the decision of the Iraqi Council of Ministers, which aims to provide the brothers' needs of fuel oil and crude oil, in support of the electricity sector in Lebanon."  
      
    This agreement comes as a continuation of a previous agreement signed by the two countries, in April 2021, stipulating that Baghdad will provide oil to Lebanon, in exchange for Beirut providing medical and hospital services to Iraq.  
      
    The energy crisis in Lebanon is one of the most prominent repercussions of the economic crisis that has afflicted this Arab country for 4 years, as the World Bank classified it as one of the 3 most severe crises the world has ever known.  
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