Page 15 - MEOG Week 46 2021

MEOG NEWS IN BRIEF MEOG

the use of hydrogen. sanctions; I promise that good things will Egypt is providing gas to Lebanon
The declaration of intent “represents happen regarding Iran’s oil sales in the coming under a US-backed deal that seeks to ease
the strength of bilateral economic relations months,” Oji told the state TV. power shortages in the country. Under
between the two countries”, said Pavel TEHRAN TIMES the agreement, Egypt would supply gas to
Sorokin, Russia’s Deputy Minister of Energy. Lebanon that could provide it with six hours
Russia expects to intensify co-operation of power per day. Gas will eventually be
with the UAE at all levels, he said. The two GAS brought to Lebanon via Syria and the Arab
countries enjoy strong trade and investment Gas pipeline.
ties, both in the energy and non-energy Egypt to supply Lebanon Lebanon will pay Egypt for a yet-to-be-
sectors. Non-oil bilateral trade grew 8 per cent decided amount of gas, through a World Bank
annually to $3.7bn in 2019, Sheikh Abdullah with gas loan. Energy-deficient Lebanon, which relies
bin Zayed, Minister of Foreign Affairs and primarily on fuel oil and gasoil to power its
International Co-operation, said earlier this Egypt plans to start supplying gas to Lebanon electricity grid, is increasingly looking to gas
year. by early next year, to help ease the power crisis as an alternative. It also straddles a gas-rich
THE NATIONAL in the country, its petroleum minister said. region.
The North African country will export Egypt is the second-biggest producer of
up to 65 million cubic feet of gas per day to gas in North Africa after Algeria and accounts
OIL Lebanon, Tarek El Molla told reporters on for about 1.1 per cent of the world’s proven
the sidelines of the Abu Dhabi International reserves, according to the BP Statistical
Iran achieves new Petroleum and Exhibition Conference on Review of Energy 2021. Last year, Eni also
Tuesday.
announced the discovery of a gas field, which
successes in oil sales they are requesting. We are just doing due is estimated to hold up to four trillion cubic
“We are going to supply them with what
feet of gas, in the waters of the Nile Delta,
Iranian Oil Minister Javad Oji has said new diligence and checking the pipelines through offshore Egypt.
windows have been opened for the country’s Jordan and Syria,” he said. Lebanon’s power woes are compounded
oil sales using the existing capacities, Shana “The supply is expected at the end of the by an ongoing economic crisis, which ranks
reported. year and early next year,” Mr El Molla said. among the world’s top 10 crises – possibly
“Fortunately, good success has been Lebanon has been dealing with a severe even the top three – since the mid-19th
achieved in oil sales using existing capacities,” power crisis that has nearly crippled its century, the World Bank said in June. The
Oji said in a meeting with the members of the economy. The country experienced a total country defaulted on about $31 billion of
Parliament Energy Committee on Tuesday. blackout in October as the two power stations Eurobonds in 2020 and its currency has lost
Back in September, Oji had said his supplying the national grid ran out of fuel. more than 90 per cent of its value against
ministry was determined to increase State-run Electricite du Liban recently the US dollar, leading to surging inflation,
the country’s oil exports despite the U.S. said it was producing minimal amounts increased unemployment and poverty.
sanctions, adding that the use of oil sanctions of power as it was unable to import fuel, Lebanon’s economy shrank by 20.3 per cent
as a “political tool” would harm the market. leaving businesses and households almost last year, after a 6.7 per cent contraction the
“There is strong will in Iran to increase entirely dependent on small, privately-owned previous year, the World Bank said.
oil exports despite the unjust and illegal U.S. generators. THE NATIONAL

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