Fayyad visits Iraq to sign MoU to supply Lebanon with oil derivatives

Fayyad visits Iraq to sign MoU to supply Lebanon with oil derivatives

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2023-07-21 | 04:58

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Fayyad visits Iraq to sign MoU to supply Lebanon with oil derivatives

The caretaker Minister of Energy, Walid Fayyad, traveled on Friday to Iraq to sign a memorandum of understanding between the Lebanese Ministry of Energy and the Iraqi Ministry of Oil regarding the supply of oil derivatives to Lebanon.

This move comes as a continuation of the discussions held with Iraqi officials, led by Iraqi Prime Minister Mohammed Shia' Al-Sudani, and under the close follow-up of Minister Fayyad. As a result of these discussions, the Iraqi side approved an extension of the agreement to supply Lebanon with Iraqi fuel oil, with an increase in the quantity.

Furthermore, a new trade agreement will be signed to supply Lebanon with quantities of crude oil to be replaced with the necessary oil derivatives to operate Lebanon's power plants.

The signing of the preliminary memorandum of understanding will take place at the Iraqi Ministry of Oil between Ministers Fayyad and Abdul Ghani, with the preparation of the necessary contract projects to be carried out later according to the established procedures.

Consequently, Energy Minister Fayyad will return to Beirut later in the evening.

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