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[size=36]Iraq stops fuel shipments to Lebanon[/size]
Economy | 12:23 - 11/07/2024
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Baghdad - Mawazine News
Lebanese Minister of Energy and Water, Walid Fayyad, announced that the Iraqi Oil Marketing Company (SOMO) has stopped unloading fuel oil tankers exported to Lebanon due to non-payment of the due amounts for the second year in a row.
Fayyad said that "for the fifth month in a row, the Central Bank of Lebanon has not transferred the price of fuel oil shipments to the Iraqi government's account, and thus Lebanon becomes financially exposed to Iraq, as the due amounts have not been transferred for the second year in a row," according to the Lebanese newspaper "Al-Akhbar."
He added, "If the problem of financing Iraqi fuel oil shipments is not resolved quickly, Lebanon will enter into total darkness after three days," indicating that "the problem is known to everyone: we have to pay the price of the fuel, and any bet that Iraq will exempt Lebanon from this price is misplaced."
He pointed out that "the essence of the problem is that the agreement with Iraq needs to be legalized in the Lebanese Parliament to allocate appropriations in the budget that allow the Central Bank of Lebanon to pay the price of the shipments into the Iraqi account. Otherwise, the acting governor of the Central Bank of Lebanon, Wassim Mansouri, refuses to take any financing step that violates the law."
Fayyad explained, "According to official correspondence between the Lebanese administrations (Energy, Finance), the Central Bank of Lebanon transferred only $118 million to the Iraqi bank's account, after which the Central Bank stopped transferring the funds due for four fuel shipments, worth $132 million for the year 2023."
He continued, "The transfers were implemented on the condition that a law be issued by the House of Representatives to cover them, and that the appropriations be included in the 2024 budget, noting that the number of shipments received and due for payment for the year 2023 amounted to 8, and there are 12 other shipments for the year 2024, of which 2 have arrived, but their price has not yet been due."
Lebanese Minister of Energy and Water, Walid Fayyad, announced that the Iraqi Oil Marketing Company (SOMO) has stopped unloading fuel oil tankers exported to Lebanon due to non-payment of the due amounts for the second year in a row.
Fayyad said that "for the fifth month in a row, the Central Bank of Lebanon has not transferred the price of fuel oil shipments to the Iraqi government's account, and thus Lebanon becomes financially exposed to Iraq, as the due amounts have not been transferred for the second year in a row," according to the Lebanese newspaper "Al-Akhbar."
He added, "If the problem of financing Iraqi fuel oil shipments is not resolved quickly, Lebanon will enter into total darkness after three days," indicating that "the problem is known to everyone: we have to pay the price of the fuel, and any bet that Iraq will exempt Lebanon from this price is misplaced."
He pointed out that "the essence of the problem is that the agreement with Iraq needs to be legalized in the Lebanese Parliament to allocate appropriations in the budget that allow the Central Bank of Lebanon to pay the price of the shipments into the Iraqi account. Otherwise, the acting governor of the Central Bank of Lebanon, Wassim Mansouri, refuses to take any financing step that violates the law."
Fayyad explained, "According to official correspondence between the Lebanese administrations (Energy, Finance), the Central Bank of Lebanon transferred only $118 million to the Iraqi bank's account, after which the Central Bank stopped transferring the funds due for four fuel shipments, worth $132 million for the year 2023."
He continued, "The transfers were implemented on the condition that a law be issued by the House of Representatives to cover them, and that the appropriations be included in the 2024 budget, noting that the number of shipments received and due for payment for the year 2023 amounted to 8, and there are 12 other shipments for the year 2024, of which 2 have arrived, but their price has not yet been due."
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