The press office of Caretaker Minister of Energy and Water, Walid Fayad, announced Tuesday evening that Iraq will double the quantities of oil derivatives sent to Lebanon, which are necessary to operate the country’s power plants. This will double the power supply, providing eight to ten hours of power per day, according to a statement from the ministry.
This decision follows Fayad’s recent visit to Iraq during which he discussed several proposals with the Iraqi Prime Minister and other relevant ministers. In a document submitted to the Iraqi Minister of Oil, the Lebanese Minister requested that the remaining quantities of fuel from the fuel supply agreement be delivered to Lebanon in four shipments, between July and the end of October. This will double the monthly supply of fuel, increasing the amount from 80,000 tons to 160,000 tons per month. Fayad also requested that the supply contract be renewed with a 50% increase in the quantity of fuel to reach 1.5 million metric tons per year.
Minister Fayad also requested a new contract be signed between the two countries stating that 2 million tons of crude oil would be provided per year. These would be exchanged for fuel meeting the specifications set by ‘Electricity of Lebanon’. This process will be achieved through a fair and competitive mechanism, including a six-month deferred payment from the date of the receipt of the cargo, without interest and at a preferential rate.
