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  • 26-07-21

    Lebanon inks deal to broker Iraqi fuel sale

    (MENAFN)According to Lebanese and Iraqi media, Lebanon inked an agreement to broker Iraqi fuel sales to improve a financial and energy crisis in the small Mediterranean country.

    The agreement permits Beirut to resell 1 million tons of heavy fuel oil from Iraq — fuel that Lebanon cannot use in its own power plants — to companies who would then provide useable fuel to Lebanon in 2022.

    Energy Minister Raymond GHajjar further declared that Lebanon may set Iraq services in exchange, without offering details. Local media said Iraq would get advantage from Lebanese health services and agriculture consultancy.

    The swap that GHajjar expected is averaged amid USD300-400 million, could offer a brief relief to Lebanon’s worsening power cuts. But a structural power solution, in a sector steeped in corruption and political interference, is far from sight.

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