Caretaker Energy Minister Walid Fayad announced on Monday the signing of an agreement between his ministry, the oil facilities in Tripoli and Zahrani, and the Association of Lebanese Industrialists, which permits industrialists to store the diesel fuel they import in the storage tanks of the Tripoli oil facilities.
According to the agreement, the facilities' management and employees will oversee the process of unloading fuel from ships, storing it, and refilling tanks according to the daily needs of the industrialists. This service will be provided in exchange for an annual fee of approximately $1.5 million.
The initiative will enable industrialists to consolidate their fuel supply source instead of purchasing diesel from multiple suppliers in the market. It will also significantly reduce and unify the purchase price, allowing companies to save about 20% on fuel costs. This, in turn, will lower production costs and boost the competitiveness of their products.
In this context, Fayad highlighted , during a press conference, the technical, administrative, and financial reforms he has implemented at the oil facilities through a series of measures, particularly the renewal of equipment and infrastructure, notably in Tripoli. These include recovering marine anchors, buoys, and unloading lines, maintaining storage tanks, and renewing the distribution network.
Fayad also outlined operational improvements, emphasizing the automation of the facilities' processes. This spans the entire operation, from purchasing and importing fuel to receiving, unloading, storing, and distributing it. These advancements were achieved with the help of a specialized consulting firm that developed programs and applications. The automation allows the ministry to manage diesel distribution efficiently via an electronic platform with full oversight, enabling record-speed operations.
Fayad confirmed that these reforms have restored the financial balance of the facilities and improved their solvency, which now stands at $60 million, divided between petroleum reserves and liquid assets held in bank accounts.
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