News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
25
o
Bekaa
27
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
27
o
North
29
o
South
28
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Live Coverage
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
25
o
Bekaa
27
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
27
o
North
29
o
South
28
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Series
Movies
Documentaries
Variety
Comedy
Talk Show
News Bulletin
Sports
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Unresolved unloading: Lebanon faces financial implications as "ARDMORE" gas carrier remains unloaded
News Bulletin Reports
29-08-2023 | 10:34
High views
Share
Share
4
min
Unresolved unloading: Lebanon faces financial implications as "ARDMORE" gas carrier remains unloaded
The maritime gas carrier "ARDMORE," loaded with gas oil, continues to sit anchored off the Zahrani refinery.
The state has incurred a penalty of approximately $324,000 until August 29 due to its failure to unload the vessel.
The gas carrier has been docked since August 11, with a daily charge of $18,000 for non-unloading. The matter of unloading the vessel remains unresolved after Monday's session of the ministerial Electricity committee, which has deferred the decision to the upcoming Cabinet session. This delay implies potential additional financial burdens that could surpass half a million dollars.
The deadlock emerged as the Banque du Liban (BDL) declined to make payments from the mandatory reserve. At the same time, the Energy Ministry was unaware that the treasury advance provided in early 2023 was drawn from this reserve.
The ministry considers the vessel's cargo price to be a million dollars lower than the current market price, with a payment deadline extended over six months.
Amid this dilemma, the available options are outlined by the Energy Ministry in three scenarios, two of which are in Lebanon's favor and aim to boost the power supply:
- Payment of the vessel's value using the treasury advance authorized by Cabinet decree, with approval from the Finance Ministry. The BDL would manage the payment process.
- The BDL converting its balance held in Lebanese lira for Electricité du Liban (EDL) into dollars. The current balance of approximately $43 million exceeds the required $29 million for the vessel's cargo over the next six months.
- As a last resort, if the first two solutions fail, the vessel's owner may be reimbursed by terminating the contract and selling the cargo elsewhere. However, this option entails financial repercussions for Lebanon and losing the purchased quantity at a favorable price.
The repercussions of not unloading the vessel could lead to delays in raising power hours and further consequences. A decline in fuel reserves increases the risk of grid failure, potentially plunging the country into darkness by the first week of October if the anticipated Iraqi shipment is delayed.
Energy Ministry's sources told LBCI that an entire Cabinet session is unnecessary to resolve the issue. An alternative approach could involve a meeting chaired by the caretaker Prime Minister, with the finance and energy ministers and the BDL governor, to find a solution.
BDL sources emphasize that the government's priorities guide their actions. The understanding reached with the government prioritizes employee salaries, critical needs of military and security institutions, and electricity, with the caveat of not touching the mandatory reserve. This does not mean that electricity is not essential, but rather what the EDL requires should be discussed, for fear of any impact on monetary stability, which remains the primary concern.
The sources indicate that the research is ongoing. Still, the government should set priorities to discuss the issue, especially since the needs are more significant than the capabilities of the BDL.
However, any significant dollar purchase from the market could result in price hikes.
Will we wait for the Cabinet's session next week to address this complex issue, where financial and political factors intertwine, or can a moderate approach that serves the electricity institution without disrupting stability be reached?
Lebanon News
Lebanon Economy
News Bulletin Reports
Unresolved
Unloading
Lebanon
Financial
Implications
ARDMORE
Gas
Carrier
Next
Israeli army plans to reinforce border with Lebanon, prepares for withdrawal from Western sector
Recommended For You
d-none hideMe
0
News Bulletin Reports
13:20
Could cannabis save Lebanon? Debate reignites amid economic crisis
News Bulletin Reports
13:20
Could cannabis save Lebanon? Debate reignites amid economic crisis
0
News Bulletin Reports
13:19
Judicial reform in motion: Lebanon’s Cabinet approves long-stalled draft law to curb political interference
News Bulletin Reports
13:19
Judicial reform in motion: Lebanon’s Cabinet approves long-stalled draft law to curb political interference
0
News Bulletin Reports
12:54
US envoy Morgan Ortagus eyes Beirut visit as fears grow over potential Israeli escalation — details unfold
News Bulletin Reports
12:54
US envoy Morgan Ortagus eyes Beirut visit as fears grow over potential Israeli escalation — details unfold
0
News Bulletin Reports
2025-05-09
EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview
News Bulletin Reports
2025-05-09
EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Lebanon News
09:59
As polls near closing, PM Salam calls on northerners to vote, warns against irregularities
Lebanon News
09:59
As polls near closing, PM Salam calls on northerners to vote, warns against irregularities
0
Middle East News
2025-05-04
Israel's army says missile fired from Yemen
Middle East News
2025-05-04
Israel's army says missile fired from Yemen
0
Lebanon News
08:46
Security intervenes in Miniyeh polling station dispute, says LADE
Lebanon News
08:46
Security intervenes in Miniyeh polling station dispute, says LADE
0
News Bulletin Reports
2025-05-08
Lebanon's state takes action: Illegal kiosks at Beirut Port removed after 11 years of violations
News Bulletin Reports
2025-05-08
Lebanon's state takes action: Illegal kiosks at Beirut Port removed after 11 years of violations
Videos
d-none hideMe
0
Lebanon News
10:57
Kuwait rolls out official welcome for Lebanon's President Aoun – video
Lebanon News
10:57
Kuwait rolls out official welcome for Lebanon's President Aoun – video
0
Lebanon News
07:06
Security incidents temporarily disrupt voting in several Akkar and Minieh-Danniyeh centers
Lebanon News
07:06
Security incidents temporarily disrupt voting in several Akkar and Minieh-Danniyeh centers
0
News Bulletin Reports
2025-05-09
EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview
News Bulletin Reports
2025-05-09
EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview
0
Lebanon News
2025-04-23
US envoy Morgan Ortagus hails Lebanese diaspora, says country stands at a crossroads
Lebanon News
2025-04-23
US envoy Morgan Ortagus hails Lebanese diaspora, says country stands at a crossroads
0
Lebanon News
2025-04-08
Morgan Ortagus urges Lebanon to pass banking reforms to restore financial trust
Lebanon News
2025-04-08
Morgan Ortagus urges Lebanon to pass banking reforms to restore financial trust
0
Lebanon News
2025-04-06
LBCI Exclusive: US envoy Morgan Ortagus reveals US vision for Lebanon’s stability and disarmament – full interview transcript
Lebanon News
2025-04-06
LBCI Exclusive: US envoy Morgan Ortagus reveals US vision for Lebanon’s stability and disarmament – full interview transcript
0
Lebanon News
2025-03-23
LBCI's Pierre El Daher bids farewell to Hoda Chedid: You will always be our guiding light
Lebanon News
2025-03-23
LBCI's Pierre El Daher bids farewell to Hoda Chedid: You will always be our guiding light
0
Middle East News
2025-03-19
Israeli official urges international support for Lebanese government and army
Middle East News
2025-03-19
Israeli official urges international support for Lebanese government and army
0
Lebanon News
2025-02-23
Israeli aircraft fly at low altitude over Beirut during Hezbollah's former leaders funeral
Lebanon News
2025-02-23
Israeli aircraft fly at low altitude over Beirut during Hezbollah's former leaders funeral
Most read
d-none hideMe
24 hours
7 days
Month
1
News Bulletin Reports
12:54
US envoy Morgan Ortagus eyes Beirut visit as fears grow over potential Israeli escalation — details unfold
News Bulletin Reports
12:54
US envoy Morgan Ortagus eyes Beirut visit as fears grow over potential Israeli escalation — details unfold
2
News Bulletin Reports
13:20
Could cannabis save Lebanon? Debate reignites amid economic crisis
News Bulletin Reports
13:20
Could cannabis save Lebanon? Debate reignites amid economic crisis
3
News Bulletin Reports
13:19
Judicial reform in motion: Lebanon’s Cabinet approves long-stalled draft law to curb political interference
News Bulletin Reports
13:19
Judicial reform in motion: Lebanon’s Cabinet approves long-stalled draft law to curb political interference
4
Lebanon News
05:55
Syrian official denies to LBCI discovery of US journalist Austin Tice's remains
Lebanon News
05:55
Syrian official denies to LBCI discovery of US journalist Austin Tice's remains
5
Lebanon News
08:02
Lebanon’s President Joseph Aoun heads to Kuwait on an official visit
Lebanon News
08:02
Lebanon’s President Joseph Aoun heads to Kuwait on an official visit
6
Lebanon News
08:46
Security intervenes in Miniyeh polling station dispute, says LADE
Lebanon News
08:46
Security intervenes in Miniyeh polling station dispute, says LADE
7
Lebanon News
08:34
Figures show lower turnout in most North Lebanon districts compared to 2016
Lebanon News
08:34
Figures show lower turnout in most North Lebanon districts compared to 2016
8
Lebanon News
10:19
Video captures major clash in Sfira, Danniyeh amid municipal elections
Lebanon News
10:19
Video captures major clash in Sfira, Danniyeh amid municipal elections
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More