Iraq Boosts Oil Exports to Lebanon Amid Energy Crisis
Iraq has agreed to increase its annual heavy fuel oil exports to Lebanon by 50% to 1.5 million metric tons, according to Lebanon’s energy minister, Walid Fayyad, on Tuesday. He added that Iraq committed to fulfilling all of Lebanon’s oil derivative needs to power their plants and ensure an additional energy supply during the summer months.
Additionally, Iraq will provide Lebanon with 2 million metric tons of crude oil annually. The deal includes a six-month payment grace period, without financial interest and at competitive international prices.
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Since July 2021, Lebanon has been importing heavy fuel oil from Iraq to generate electricity, securing a daily power supply of approximately four hours. Under this agreement, Iraq provides fuel to the Lebanese government in exchange for healthcare services for Iraqi citizens. Lebanon then converts this heavy fuel oil into gas oil for its power stations.
This development comes amid Lebanon’s ongoing financial crisis, marked by a severe shortage of foreign reserves necessary to import gas oil for power plants. This deficit has led to nearly 20 hours of daily power rationing, pushing many Lebanese to rely on private generators and solar energy.
