Money-strapped Lebanon inks gas-for-products and services deal with Iraq

Lebanon’s funds-strapped federal government will spend for 1 million tons of major gas oil a 12 months in goods and services, in accordance to a new offer with Iraq that will let Beirut to ease its acute energy lack, the two sides claimed on Saturday.

Lebanon is in the throes of an economic meltdown threatening its stability. It has all but run down foreign reserves and faces a developing lack of fuel, drugs and other fundamental items. Most Lebanese face electricity cuts for several hrs a day.

Lebanese caretaker Vitality Minister Raymond Ghajar, speaking on his return to Beirut just after signing the deal, said the gasoline would be made use of for electrical power technology and was more than enough for 4 months. He mentioned it was truly worth about $300 million to $400 million.

Iraq’s Oil Ministry claimed in a assertion it would offer Lebanon with surplus hefty gas oil from its refineries.

Lebanon, which has struggled to satisfy electricity desire at the ideal of periods, has imposed significantly extended electrical power cuts across the nation as gas materials have run short all through the disaster that erupted in late 2019.

A lot of Lebanese depend on personal generators that use diesel, which is also in limited provide.

Hospitals reported this 7 days their generators have been at threat of jogging out of gasoline, putting essential people at risk.

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