Exploring energy synergy at ADIPEC: Lebanon's Energy Minister meets industry leaders

Lebanon News
2023-10-04 | 04:41
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Exploring energy synergy at ADIPEC: Lebanon's Energy Minister meets industry leaders
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2min
Exploring energy synergy at ADIPEC: Lebanon's Energy Minister meets industry leaders

During a meeting on the sidelines of the "ADIPEC" conference in the United Arab Emirates, Lebanon's Minister of Energy and Water, Walid Fayad, discussed shared energy matters with Egypt's Minister of Petroleum, Tarek El Molla.

The discussions covered topics related to gas procurement from Egypt and electricity from Jordan, agreements that are ready for implementation today. 

However, the delays are due to securing the necessary financing and the sanctions imposed on Syria, which could impact the agreements due to the Caesar Act.

In this context, alternative solutions were proposed to facilitate implementation, such as direct funding from Électricité du Liban, as it can finance electricity from Jordan and gas from Egypt through its accounts in Banque du Liban, especially after finding an appropriate solution to secure hard currency.

It was also agreed to continue following up on and preparing for the matter, with the understanding that funding through the World Bank is also welcome if obtained.

This matter will be further discussed next month when they visit Lebanon to participate in the Oil and Gas Conference scheduled for November 24 in Beirut to reach the desired solution.

Minister Fayad met with several ministers and heads of relevant energy companies to explore avenues for cooperation. Among them was the CEO of Italy's Eni, Claudio Descalzi, discussing progress in Block 9 and the proposal presented by the consortium for exploration in Blocks 8 and 10. 

Minister Fayad also met with the President and senior leaders of ADNOC and consulted on ways of cooperation, and ADNOC's participation in the Iraqi fuel swap tenders to expand competition and improve value and quantity for Lebanon.
 

Lebanon News

Lebanon

ADIPEC

Energy

Gas

Electricity

Caesar Act

Électricité Du Liban

Block 9

ADNOC

Egypt

Jordan

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