Iraq Renews Agreement for Fuel Supply for One Year with a 50% Increase

Energy Minister Walid Fayyad stated today, Tuesday, that Iraq has agreed to continue supplying heavy fuel oil to Lebanon for another year, increasing the volume of supplies by 50% to 1.5 million metric tons. Fayyad mentioned that Iraq also agreed to a commercial deal to supply Lebanon with an additional two million metric tons of fuel oil. There will also be a swap of the two million tons of crude oil that Lebanon will receive under the commercial agreement. He added in a statement that the deal includes a deferred payment mechanism for six months from the date of receipt, without any financial interests and at a price that considers competitive global prices.