Caretaker Minister of Energy Walid Fayad announced from the Serail that Electricité du Liban (EDL) would finance the purchase of half a million tons of Iraqi oil. He made the announcement following a meeting chaired by caretaker Prime Minister Najib Mikati.
The meeting addressed the settlement of invoices from public institutions and administrations in favor of EDL. Fayad noted that a treasury advance of 6,800 billion pounds had been approved, but only 1,000 billion pounds had been disbursed so far. He assured that efforts are underway to secure the remaining funds as soon as possible.
Fayad also mentioned that, at Mikati’s request, EDL will now send payment notifications directly to the Ministry of Finance. This will allow for the centralization of these notifications so that the total amount, estimated at around $60 million, can be paid in a single installment before the end of the year. This sum will then be credited to EDL’s account, enabling it to settle part of its debt to Iraq under the agreement through which Iraq supplies diesel to Lebanon.
Additionally, Fayad met with Algeria’s ambassador to Lebanon, Rachid Belbaki, to discuss the details of a fuel donation Algeria plans to provide to Lebanon, following the directives of Algerian President Abdelmadjid Tebboune.
The two agreed to continue discussions to finalize the quantity of the donation and the date of its arrival.
