Lebanon signs gas importation deal with Egypt and Syria

Lebanon signs gas importation deal with Egypt and Syria

An agreement was signed Tuesday in Beirut for importing Egyptian natural gas to Lebanon through Syria.

"The importance of this deal... stems from the fact that it will secure an additional four hours of electricity per day following its implementation," caretaker Energy Minister Walid Fayyad said.

"We hope that after today, all hurdles will have been cleared so that we can receive World Bank funding and... final guarantees from the U.S., especially with regard to sanctions," Fayyad added.

Under the agreement, 650 million cubic meters of Egyptian gas would flow through Syria to Lebanon every year, according to Syria’s al-Watan newspaper.

Grappling with its worst-ever financial crisis, Lebanon launched talks with Egypt last year to import gas through the Arab Gas Pipeline, which passes through Jordan, Syria and Lebanon.

The deal is a part of wider efforts -- which include a separate electricity deal with Jordan -- to boost supply by 8 to 10 hours a day in the coming months, up from just two currently.

Implementation of both agreements still needs World Bank funding and U.S. assurances that they won't trigger sanctions under the so-called Caesar Act which prohibits commercial dealings with Damascus.

Syria stands to gain gas from Egypt as an in-kind payment for its