Lebanon, Syria, and Egypt Sign Trade Agreement On Gas Imports

Lebanon, Syria and Egypt on Tuesday signed an agreement to send natural gas from Egypt to the energy crisis-hit and chronic outage Lebanon through Syria, but still the project requires necessary financing from the World Bank.

Speaking in the signing ceremony in Beirut, Lebanon’s Energy Minister Walid Fayad said the deal will generate up to an additional of over four hours of electricity to Lebanon.

Fayad said under the new agreement, Lebanon, Egypt, Jordan and Syria have completed all the processes for transferring electricity to the Lebanese people.

“The parties have agreed to ship 650 million cubic meters of natural gas per year to Lebanon through the pipeline from Deir Ammar power station in the north,” Fayad said.

Fayad hoped that other procedures would also to complete smoothly and there would be no more obstacles for funding the project by the World Bank.

The agreement was signed by the General Director of Oil Installations of Lebanon, Aurore Feghali, Magdy Galal, the president of Egyptian Natural Gas Holding Company, and Nabi Khersti, the general director of Petroleum of Syria.

The World Bank had early agreed to provide financing to the project but said that Lebanon must bring reform to its power sector.

There is no immediate comment from the Word Bank on the development so far.

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