Sources to LBCI: Lebanon renews oil agreement with Iraq, proposes payment mechanism

LBCI was informed that Lebanon's Energy Minister Joe Saddi signed a renewal of the country's oil agreement with Iraq, extending it for another year starting March 1. 

Under the deal, Lebanon will receive two million tons of Iraqi fuel oil, which will be exchanged for gas oil to supply the Deir Aamar and Zahrani power plants. The renewed agreement has been referred to the Cabinet for approval before being sent to Parliament for final authorization.  

According to LBCI sources, Deputy Director-General of State Security Brigadier General Hassan Choucair and IDAL Chairman Mazen Souaid are currently in Iraq, where they are presenting Lebanon's proposed payment mechanism. 

The plan involves settling Lebanon's financial obligations—amounting to approximately $1 billion—through goods and services. The two officials are expected to discuss the proposal with Iraqi authorities and seek their approval for implementation.  

Choucair also held and is expected to continue high-level discussions with Iraqi officials, including the country's oil minister, on matters of mutual interest.