Business & Economy

Lebanon accepts Iranian gift of energy

The Lebanese Energy Minister, Walid Fayyad, said that his country welcomes Iran’s supply of oil derivatives, in order to operate electricity production plants.

After his meeting with the Iranian ambassador to Lebanon, Mojbti Amani, Fayyad indicated that “this gift is welcome, as are all gifts from brotherly and friendly countries.”

He explained that “the Iranian gift came as a result of Hassan Nasrallah’s initiative, and after a proposal from Minister Gibran Bassil during a media meeting, then the Lebanese government represented by Najib Mikati seized this initiative, so he met with the Speaker of the Lebanese Parliament, Nabih Berri, and they communicated by phone with the Vice President of the Islamic Republic of Iran This gave this initiative a unanimous welcome at the political and national levels.

The Lebanese Minister of Energy also stressed that the Iranian gift “involves an increase in feeding hours in preparation for raising the tariff and securing the financial balance for Electricité du Liban, in order to cover its future needs on its own, and at the same time provide electricity to citizens more than private generators, which puts the energy sector on the path of recovery and advancement in a sustainable manner.”

For his part, the Iranian ambassador to Lebanon, Mojbti Amani, stressed that “his country is ready to help Lebanon not only in terms of securing hydrocarbons, but also in everything related to the energy sector in general, especially the construction of production plants in the medium term, according to LBOT contracts. and network maintenance.

Lebanon suffers from a shortage of fuel needed to generate electric power due to the lack of foreign exchange allocated for import, which has caused a severe fuel crisis amid an accelerating economic collapse.

In Lebanon, there are seven power plants, five of which have stopped working, and the remaining two plants are working to provide two hours of electric current amid rationing for a period of 22 hours a day, while the alternative private generator network that operates on diesel provides the current at a high cost.

Since 2019, Lebanon has also witnessed a severe financial and economic crisis, embodied in the scarcity of foreign currency, the collapse of the value of the Lebanese pound, the imposition of restrictions on the withdrawal of bank deposits, and the government’s suspension of external and internal debt payments. The World Bank has ranked it among the worst in the world since the middle of the last century.

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