By John Lee.
The governments of Iraq and Lebanon have signed a Memorandum of Understanding (MoU) wherein Iraq will supply Lebanon with quantities of fuel and crude oil.
The agreement, in line with Cabinet Decision No. 23265 in 2023, aims to support Lebanon's electricity sector and strengthen cooperation between the two countries, serving their mutual interests.
During the signing ceremony, Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, emphasized the renewal of the agreement for another year with an increased quantity of gas oil based on mutual consent.
Additionally, a new contract for crude oil will be arranged, and technical committees from both sides will define the appropriate mechanisms for executing the agreement, including quantity determination, transportation, loading, unloading, and other logistical and technical commitments. Subsequently, both countries' cabinets will approve the joint committee's recommendations.
Lebanon's Minister of Energy and Water, Walid Fayyad, praised Iraq's support to overcome his country's fuel supply crisis for power stations. This gesture of support is deeply appreciated by the Lebanese government and people.
(Source: Iraqi Ministry of Oil)
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