Exploring energy synergy at ADIPEC: Lebanons Energy Minister meets industry leaders

Exploring energy synergy at ADIPEC: Lebanons Energy Minister meets industry leaders

Notification

2023-10-04 | 05:41

High views

Exploring energy synergy at ADIPEC: Lebanon's Energy Minister meets industry leaders

During a meeting on the sidelines of the "ADIPEC" conference in the United Arab Emirates, Lebanon's Minister of Energy and Water, Walid Fayad, discussed shared energy matters with Egypt's Minister of Petroleum, Tarek El Molla.

The discussions covered topics related to gas procurement from Egypt and electricity from Jordan, agreements that are ready for implementation today. 

However, the delays are due to securing the necessary financing and the sanctions imposed on Syria, which could impact the agreements due to the Caesar Act.

In this context, alternative solutions were proposed to facilitate implementation, such as direct funding from Électricité du Liban, as it can finance electricity from Jordan and gas from Egypt through its accounts in Banque du Liban, especially after finding an appropriate solution to secure hard currency.

It was also agreed to continue following up on and preparing for the matter, with the understanding that funding through the World Bank is also welcome if obtained.

This matter will be further discussed next month when they visit Lebanon to participate in the Oil and Gas Conference scheduled for November 24 in Beirut to reach the desired solution.

Minister Fayad met with several ministers