Iraq Sells 1Mln Tonnes Of Fuel To Lebanon In Exchange For Goods, Services - Prime Minister

Iraq Sells 1Mln Tonnes of Fuel to Lebanon in Exchange for Goods, Services - Prime Minister

CAIRO (UrduPoint News / Sputnik - 24th July, 2021) Iraq on Saturday sold 1 million tonnes of fuel to Lebanon, which will pay for it with goods and services, the Iraqi Prime Minister's press office stated.

The Lebanese side confirmed that the contract will allow the crisis-hit country to have electric power for four months.

"Iraq and Lebanon have concluded a contact for the sale of one million tonnes of fuel at the world price: the payment will be made with services and goods," the press office of Prime Minister Mustafa Al-Kadhimi said.

Lebanon has been suffering a severe fuel crisis for the past several months, which forced the government in June to allow gasoline imports at new exchange rate 3,900 Lebanese Pounds per US Dollar, which is three times higher than previously.

Due to the shortages, gas filling stations in Lebanon are open only until noon and every car can be gassed with only 25 liters, the measures which cause lengthy lines of cars waiting for their turn for hours.

The fuel and financial crises hit the state energy system. Due to the lack of funds to purchase diesel oil for power stations, the operating company had to stop the work of some stations and cut power for people from 2 to 4 hours daily.