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Lebanese Minister of Energy: The Iraqi fuel contract will be implemented next November
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Baghdad today - follow-up
Lebanese media, citing the Minister of Energy and Water in the Lebanese caretaker government, Walid Fayyad, confirmed today, Friday (October 27, 2023), that a formula has been found that enables the acting Governor of the Bank of Lebanon, Wassim Mansouri, to issue a “letter of credit” to manage the first load of Iraqi oil. According to the new contract during a meeting devoted to Electricity of Lebanon’s dues .
Fayyad revealed in press statements, followed by “Baghdad Today,” that “this formula was completed today and we sent it to Governor Mansouri to issue it as soon as possible.” He reassures that “we are in the final steps of completing the fuel contract with the Iraqi government,” recalling that “the Lebanese state, represented by the Ministry of Energy, has signed an agreement with the Iraqi government, according to which we renew for the third year in a row the contract to import Iraqi fuel, or what is called “heavy fuel oil.” “This year, an amount worth one and a half million tons has been allocated to be imported, instead of one million tons, meaning there is an additional 50 tons, with 125 thousand tons being shipped monthly.”
It is expected that the implementation of the contract will begin next November, “and the Oil Marketing Company (SOMO) has set the date for the shipment of the first load, amounting to 125 thousand tons, at the end of next month.”
He adds: In this context, we launched a tender, which was published on the “Public Procurement Authority” page, to exchange this fuel for gas and oil for the needs of “Electricité du Liban”, with the offers being opened on November 6th...but before the tender, the process requires opening a “letter of credit.” By the Bank of Lebanon, which is requested by the Iraqi side in order to be able to ship the cargo. To this end, we have conducted the required correspondence with the Ministry of Finance and the Bank of Lebanon, to work on finding a specific mechanism so that the acting Governor of the Bank of Lebanon, Wassim Mansouri, can draft the speech, since he is not the original ruler, and we are still committed to coordination with the Minister of Finance, Youssef Khalil, and Dr. Mansouri, in the hope that We receive a positive response in the next few days before November 6, the date of completion of the contract tender based on the offers submitted.
He is reassured that “the amount of Iraqi fuel referred to will enable us at least to maintain the existing feeding hours, that is, with a production capacity of approximately 550 megawatts or more.” When the “letter of credit” is issued by the Bank of Lebanon, we can reassure the Lebanese that things will proceed normally.”
Fayyad concludes: We are currently working on a line to import crude oil from Iraq because the Iraqi government has agreed to supply Lebanon with crude oil in the range of 14 million barrels annually, and this is extremely important for Lebanon because it enables it to increase feeding hours further.
Source: Lebanese media
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