Latest Developments on Gas Oil Supply from Iraq

The "Lebanon Electricité Corporation" announced in a statement that it has begun unloading the first part of the shipment supplied under the Iraqi swap agreement. The statement noted, "Following the statement from the Lebanon Electricité Corporation dated 08/07/2024, it informs that it has started taking the necessary measures to commence unloading the cargo of the first part of the shipment designated for June 2024, supplied under the Iraqi swap agreement for the benefit of the Lebanon Electricité Corporation through the Ministry of Energy and Water - General Directorate of Oil, which is currently anchored off the intake of the Deir Ammar plant. This comes after the corporation was notified that the supplier has lifted the financial hold on it. Approximately 21,000 metric tons of gas oil will be unloaded into the tanks of the Deir Ammar plant, which will then be directed to the Zahrani plant, where the remaining cargo of approximately 9,000 metric tons will be unloaded to avoid a halt in Zahrani's energy production, which is expected to exhaust its reserves after peak night today. Subsequently, the second part of the shipment, weighing around 30,000 metric tons and currently anchored off the Zahrani plant’s intake, will also be unloaded immediately upon notification from the supplier regarding the lifting of the financial hold. Following this, the corporation will gradually restart the productive units that were forcibly taken out of service at both the Deir Ammar and Zahrani plants as gas oil reserves increase, gradually restoring supply to what it was in the coming days."