Iraq and Lebanon sign an agreement to buy 3.5 million tons of crude and black oil annually

0
43
Iraq and Lebanon sign an agreement to buy 3.5 million tons of crude and black oil annually

Today, on Friday, it was announced by Lebanese media that the Caretaker Energy Minister, Walid Fayyad, and the Iraqi Oil Minister, Hayan Abdel Ghani, signed two agreements of understanding in regards to fuel.

As per media reports, there is news about the renewal of the fuel oil contract for Lebanon, and the quantity has been increased to 1,500,000 tons.

Under the new memorandum of understanding, Lebanon will receive two million tons of crude oil annually at a cost of approximately $1.2 billion per year.