Lebanon and Iraq Signed an Oil Agreement

Lebanon and Iraq signed an oil agreement. Lebanon agreed with Iraq for 1 million tons of oil in exchange for services and commercial products.

Lebanon, which has difficulties in supplying fuel to power plants due to the foreign exchange liquidity problem and where the current daily power cuts exceed 20 hours throughout the country, has reached an agreement with the Iraqi government, which it has been meeting with for a few months, to facilitate payment. Lebanese Energy Minister Rimun Gacar held a brief press conference at the International Rafic Hariri Airport in Beirut, where he arrived after signing the agreement with the Iraqi government. Stating that the agreement with the Baghdad administration covers the import of 1 million tons of oil for the use of the Lebanese Electricity Authority, Gacar said, "This agreement will provide electricity production for 4 months. We want the interests of the Lebanese state, we buy oil in exchange for services." Stating that the Iraqi state has agreed to open an account at the Central Bank of Lebanon and that he will purchase services within Lebanon through this account, Gacar noted that not even a dollar will leave the country. In Lebanon, where the economic crisis has paralyzed life in all areas, the people have been able to obtain electricity for a few hours from the state and private generators installed in the neighborhoods in recent weeks due to the fuel problem.