February 25, 2021 | oil and gas

Iraq supplies Lebanon with 500 thousand tons of black oil

Baghdad / NINA /- Lebanon has sought refuge in Iraq to secure 'black oil' for the EDL to spare the country the specter of entering the darkness after its contract with the Algerian oil exporting company 'Sonatrach' expires.

The Lebanese Minister of Energy and Water in the caretaker government, Raymond Ghajar, announced in a statement to the ministry that “Lebanon is officially informed of the decision of the Iraqi Council of Ministers, which stipulates to supply Lebanon with 500 thousand tons of black oil (heavy fuel oil) for a period of one year, provided that the payment will be made after six Months from the date of receipt through an account that is opened in the (Banque du Liban) for the benefit of the Iraqi Ministry of Finance, and is used to pay bills determined by the ministry, which are services and consultations that could be tourism, medical, or any other services, and the Iraqi Council of Ministers will determine how to disburse those funds that remain in Lebanon, it is paid in US dollars or Lebanese pounds.

Ghajar described the agreement as “very positive for the Lebanese state,” and said: “I do not think that there is an agreement better than this for Lebanon to obtain oil for its price in hard currency, with the possibility of the money remaining inside Lebanon.”


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