Starting July, Iraq will double the quantity of petroleum by-products sent to Lebanon to run its power plants, which will significantly improve power distribution in the country. Eight to ten hours of power per day may thus be ensured.
Caretaker Minister of Energy Walid Fayad received on Thursday a letter from the Iraqi company affiliated with the Ministry of Oil informing him of an increase from 80,000 to 160,000 tons in the monthly quantity of fuel allocated to Lebanon under the current agreement.
A press release issued by Mr. Fayad’s press office indicates that this increase will enable power plants to double their production in order to meet the needs of the Lebanese people during the summer.
According to the Ministry of Energy, Mr. Fayad also requested the renewal of the supply contract and called for a 50% increase in the quantity of fuel delivered, which should reach 1.5 million metric tons per year.
He also called for a new contract to be signed between the two countries, under which nearly 2 million metric tons of crude oil per year would be supplied to Lebanon. That oil would then be turned into fuel, whose specifications meet the standards set by Électricité du Liban (EDL). This would be done within the framework of a transparent competitive procedure, which, among other things, would provide for a deferred payment mechanism of six months from the date of receipt of the cargo, interest-free and at a preferential price.
