Lebanon’s Electricity du Liban to receive $200m funding boost amid large-scale blackouts

Lebanon’s Electricity du Liban to receive $200m funding boost amid large-scale blackouts

Lebanon's parliament on Monday approved $200 million in financing for state-owned electricity company Electricity du Liban as the country's residents endure blackouts lasting hours.

EDL has been rationing the power supply in recent weeks, blaming a funding shortage and delays in the delivery of a Kuwaiti gas oil shipment that had been stranded on the wrong side of the Suez Canal.

Kuwait's state-owned oil company KNPC is now Lebanon's only national supplier of fuel after EDL's contract with Algeria's state-owned oil company Sonatrach ended last year.

To make up for the shortfall in oil deliveries, Lebanon has been purchasing fuel from the spot market