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Is it the right time for Dubai’s ENOC to lose fuel swap tender?

09-11-2021 | 13:45

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Is it the right time for Dubai’s ENOC to lose fuel swap tender?

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Since last September, Iraq has started supplying Lebanon with one million tons of black oil for a whole year, whereby the imported oil is replaced with other derivatives from international markets that are used to generate electric power in Lebanon, as stated in the swap deal signed between both countries.

The first tenders (84,000 tons) and the second (60,000 tons) were awarded to Dubai’s ENOC. However, after these two tenders, the contract’s track was no longer between two countries, but between private companies.

In this regard, a well-informed source explained to Akhbar AL-Yawm that “Lebanese state must determine to concerned authorities in Iraq which company will swap oil,” stressing that “ENOC won in previous two tenders as prices were acceptable to the global market, although in the current one it was awarded to Coral Energy International.

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