Lebanon Fully Prepared to Import Crude Oil from Iraq
The Lebanese Ministry Of Energy and Water announces that the ground is set to import oil from Iraq as part of the signed agreement with the country.
The Lebanese Ministry of Energy and Water said in a Wednesday statement that all technical and administrative preparations had been made on both the Iraqi and Lebanese sides. A signed agreement between the two states entailed importing 1,000,000 tons of black oils for a year and replacing it with monthly Spot Cargo tenders, which would bring in a monthly 75,000-85,000 tons for Electricité du Liban.
Iraq approved of the conditions and the participating companies. Based on these steps, the General Directorate of Oil in the Ministry of Energy and Water launched the first tender to replace about 84,000 tons of black oils with around 30,000 tons of heavy fuel oil grade B, as well as around 33,000 tons of diesel fuel.
The Lebanese oil directorate called for a virtual meeting to open the bids, which the representatives of the Lebanese companies participating were invited to attend.
Iraq approved three out of four international companies: Emirates National Oil Company (ENOC), Independent Petroleum Group (IPG), and Coral Energy.
After Lebanon informed Iraq of the result, the winning company, ENOC, will import the exchanged fuel into Lebanon around two weeks after receiving the shipment, which will happen on September 3-5.
The Minister of Energy in the Lebanese caretaker government, Raymond Ghajar, signed with the Iraqi government in Baghdad the final contract to import one million tons of oil to mitigate the power crisis in Lebanon.