Iraq has approved the delivery of fuel to two Lebanese power plants, averting the risk of a nationwide state electricity blackout in the energy-deprived nation.
A government official with Iraq's State Oil Marketing Organisation (Somo) told The National on Thursday that Iraqi Prime Minister Mohammed Shia Al Sudani approved the fuel shipment. “We will unload two gas oil tankers at Al Zahrani and Deir Ammar plants,” the official said.
The Lebanese government said the approval came after a phone call between Prime Minister Najib Mikati and Mr Al Sudani, in a bid to prevent the potential blackout.
The two leaders discussed the fuel shipment during their call, a statement from Mr Mikati's office said.
Lebanon, which has few natural resources and is suffering from an economic crisis, imports heavy fuel oil from Iraq under a swap deal signed in 2021.
Because the heavy fuel supplied by Iraq does not meet Lebanon’s fuel specifications, the deal allows Beirut to swap it on the international market – through traders who make a profit – for other types of oil suitable for its power plants.
However, payment issues from Lebanon to Iraq had halted the delivery process.
The exchange rates at which Iraq will access the funds as well as the exact nature of services are unclear.
As a result, Iraq has yet to access the $550 million worth of goods or services, the value of the first year’s imports, deposited in Lebanon's central bank.
State electricity in Lebanon is available for a maximum of around four hours a day. Those who can afford it rely on expensive and harmful diesel-guzzling private generators to fill the gap, although very few provide power for 24 hours.
Lebanon has long struggled with providing enough power to its people, but the problem has been exacerbated by a devastating economic crisis that began in 2019.
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Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
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Number of staff: 30
Investment stage: Seed
List of alleged parties
May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members
May 20 2020: PM and Carrie attend 'bring your own booze'
party
Nov 27 2020: PM gives speech at leaving do for his staff
Dec 10 2020: Staff party held by then-education secretary
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Dec 15 2020: PM takes part in a staff quiz
Dec 18 2020: Downing Street Christmas party
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Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Annual fees for the Technical University of Munich - £600
Shared rental accommodation per month depending on the location ranges between £200-600
The family had budgeted for food, books, travel, living expenses - £20,000 annually
Overall costs in Germany are lower than the family estimated
As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640
Students are permitted to withdraw £720 per month
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Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
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Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
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Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
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Directors: Min Geun, Oh Yoon-Dong
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Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
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Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
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Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
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Founders: Hamza Iraqui and Abdessamad Ben Zakour
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Industry: Refurbished electronics
Funds raised so far: $10m
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Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
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Number of employees: 8
Industry: Sustainability & Environment
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Investors: Venture capital and government
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