Unresolved unloading: Lebanon faces financial implications as ARDMORE gas carrier remains unloaded

Unresolved unloading: Lebanon faces financial implications as ARDMORE gas carrier remains unloaded

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2023-08-29 | 10:34

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Unresolved unloading: Lebanon faces financial implications as "ARDMORE" gas carrier remains unloaded

The maritime gas carrier "ARDMORE," loaded with gas oil, continues to sit anchored off the Zahrani refinery. 

The state has incurred a penalty of approximately $324,000 until August 29 due to its failure to unload the vessel.

The gas carrier has been docked since August 11, with a daily charge of $18,000 for non-unloading. The matter of unloading the vessel remains unresolved after Monday's session of the ministerial Electricity committee, which has deferred the decision to the upcoming Cabinet session. This delay implies potential additional financial burdens that could surpass half a million dollars.

The deadlock emerged as the Banque du Liban (BDL) declined to make payments from the mandatory reserve. At the same time, the Energy Ministry was unaware that the treasury advance provided in early 2023 was drawn from this reserve.  

The ministry considers the vessel's cargo price to be a million dollars lower than the current market price, with a payment deadline extended over six months.

Amid this dilemma, the available options are outlined by the Energy Ministry in three scenarios, two of which are in Lebanon's favor and aim to boost the power supply: 

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