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Unresolved unloading: Lebanon faces financial implications as "ARDMORE" gas carrier remains unloaded
News Bulletin Reports
29-08-2023 | 10:34
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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?
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