Iraq, Lebanon discuss cooperation in energy sector

The Iraqi Minister of Electricity, Ziyad Ali Fadel, and the Lebanese Minister of Energy, Joseph Saddi, discussed on Monday strategies to enhance cooperation between the two countries in the energy sector.

During their meeting in the Iraqi capital, Baghdad, the two parties discussed opportunities for collaboration and knowledge sharing in areas of shared interest, according to a statement issued by the Iraqi Electricity Ministry.

Saddi, accompanied by the Lebanese Minister of Finance, Yassine Jaber, expressed gratitude to the Iraqi government for its support of Lebanon, the humanitarian assistance it gave during the recent Israeli aggression, and the crude oil shipments, which are crucial to the Lebanese energy sector.

To accomplish shared goals and get over the obstacles the region’s energy industry faces, the two parties underlined the significance of ongoing collaboration and consultation.

In late March, the Iraqi Prime Minister, Mohammed Shia Al-Sudani, approved the Oil Ministry’s proposed exemption to provide Lebanon with fuel for six months.

Officials in the Iraqi oil sector revealed last November that Iraq has agreed to renew an agreement to supply Lebanon with heavy fuel oil.

The fuel agreement between Iraq and Lebanon was set to expire at the end of October, according to Reuters.

In October, Lebanon announced that it is working to extend and increase the quantity of a heavy fuel agreement with Iraq.

To prevent blackouts, Lebanon inked an agreement with Iraq in July 2021 to import one million tons of heavy fuel oil to enable the country to generate energy.

In September 2021, the first shipment of 31,000 tons of Iraqi heavy fuel oil reached Lebanon.

In exchange for goods and services that Iraq would obtain from Lebanon, the two countries agree that Iraq will supply fuel oil to Lebanon, which is going through the greatest economic crisis in its history.