Report: Russian Companies Eager to Engage in Oil Investments in Lebanon

  • Date: 15-Jun-2021
  • Source: Naharnet
  • Sector:Economy
  • Country:Gulf
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Report: Russian Companies Eager to Engage in Oil Investments in Lebanon

Russian companies are reportedly interested in investments in Lebanon's energy and oil sectors, after the formation of a Lebanese government, the Saudi Asharq el-Awsat newspaper reported on Tuesday.

Russian involvement in the Lebanese political and economic files has recently been enhanced after 3 Lebanese political delegations visited Moscow in the last few months, said the daily.

Prime Minister-designate Saad Hariri, a delegation from Hizbullah, head of the Free Patriotic Movement, MP Jebran Bassil have all visited Russia in the past few months.

Discussions between the Russian and Lebanse officials did not only focus on political files, but have also extended to the economic aspect. Russian officials expressed their will to invest in Lebanon, sources familiar with the talks told the newspaper.

Russian companies are interested in oil refining and electricity generation in Lebanon, in addition to investing in the devastated Beirut Port, and other sectors, it noted.

Lebanon has two oil refining facilities on its coast in the north (Al-Badawi) and the south (Al-Zahrani), and they were connected to two oil pipelines from Iraq and Saudi Arabia, but they stopped working due to war. Their tanks are now used to store oil derivatives.

During his visit to Moscow, Hariri agreed during talks with Russian President Vladimir