- ENOC to supply Lebanon with fuel
- To swap 84,000 tonnes of Iraqi fuel oil
- Lebanon suffers from crippling fuel shortages
Dubai energy company ENOC is set to help Lebanon deal with its crippling fuel shortages. Lebanese Energy Ministry has selected ENOC to supply Lebanon with up to 84,000 tonnes of fuel. ENOC will swap 84,000 tonnes of Iraqi fuel oil with 30,000 and 33,000 tonnes of grade B fuel and gas oil.
In a swap deal between both countries, the cash trapped Lebanese government will pay the United Arab Emirates (UAE) for 1 million tonnes of Iraqi fuel oil, a year worth of goods and services.
Lebanon is currently experiencing one of the worst depressions in modern history, according to the World Bank. Extreme fuel shortages have crippled several sectors of its economy, including the power sector.