(MENAFN)According to Lebanese and Iraqi media, Lebanon inked an agreement to broker Iraqi fuel sales planning to improve a debilitating 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 give useable fuel to Lebanon over 2022.
Energy Minister Raymond GHajjar stated that Lebanon would offer Iraq services in exchange. Furthermore, Local media reported that Iraq would get advantage from Lebanese health services and agriculture consultancy.
The swap that GHajjar expects worth at amid USD300-400 million, could offer a brief interval to Lebanon’s worsening power cuts and bring funds to its cash-strapped government. But a structural power solution, in a sector steeped in corruption and political interference, is far from sight.
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