Lebanon secures deals to get more Iraq oil

Lebanon has secured deals for more fuel supplies from Iraq, the two countries said on Tuesday, as Beirut battles to produce more power to help it emerge from years of economic crisis, Reuters reports.

According to the report, Baghdad has agreed to increase the volume of heavy fuel oil supplied under an existing deal by 50 per cent to 1.5 million metric tonnes this year, Lebanon’s Energy Minister, Walid Fayad, said in a statement confirmed by the Iraqi Prime Minister’s office.

“Iraq has also agreed a commercial deal to provide 2 million metric tonnes of crude per year to its neighbour,” Fayad said.

Since July 2021, Lebanon has procured heavy fuel oil from Iraq to generate electricity for power plants to ensure a consistent daily supply of power lasting approximately four hours, according to an agreement by both parties.

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