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Search resuls for: "Walid Fayad"


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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is no progress without peace in the Middle East, says Lebanon's energy ministerSpeaking to CNBC's Steve Sedgewick at the World Energy Congress, Walid Fayad, Lebanon's energy minister, discusses the geopolitical tensions in the Middle East and the region's energy outlook.
Persons: Steve Sedgewick, Walid Fayad Organizations: World Energy
Lebanon strikes deals to get more oil from Iraq
  + stars: | 2023-05-16 | by ( ) www.reuters.com   time to read: +1 min
BEIRUT, May 16 (Reuters) - Lebanon has agreed deals to secure 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. Iraq has also agreed a commercial deal to provide 2 million metric tonnes of crude per year to its neighbour, Fayad said. Under the heavy fuel oil deal, first agreed in July 2021, Iraq provides the Lebanese government with the fuel in exchange for services including health care for Iraqi citizens. Lebanon then swaps the heavy fuel oil for gas oil that it can use at its power stations, which have operated for decades at partial capacity but have almost de facto shut down during a financial crisis that has hit the state's ability to buy fuel. Fayad said the two million tonnes of crude under the commercial deal would also be swapped.
Following months of talks, QatarEnergy has taken a 30% stake in the consortium, leaving TotalEnergies and Eni with 35% each. "From a geological point of view, I am positive" about a discovery in Lebanon's Block 9, Descalzi told reporters. Pouyanne and Qatar's energy minister Saad al-Kaabi, also the CEO of QatarEnergy, said they were discussing possible coordination on renewable energy in Lebanon. Lebanon's first licensing round in 2017 saw a consortium of TotalEnergies, Eni and Russia's Novatek win bids to explore. Pouyanne said the maritime border agreement had ended the "deadlock" facing exploration activities in Block 9.
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