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Egypt, Lebanon and Syria have signed an agreement to transport 650 million cubic meters of natural gas.
In the presence of the Lebanese Energy Minister Walid Fayat, the Director-General of Oil Facilities in Lebanon, Aroor Fekali, the Chairman of the Board of Directors of the Egyptian “EGAS”, Magdi Galal and the Director-General of the Syrian General Petroleum Corporation, Nabi Christine, signed the petition in Beirut.
“The significance of this agreement at the national level stems from the fact that, when implemented, it will provide the best possible supply of electricity for four hours in Lebanon (…),” Fayat was quoted as saying at a joint press conference with Agence France-Presse. “The signing of this agreement is a continuation of the agreement reached several months ago with Jordan and Syria.”
Under the deal, Egypt will pump gas through a pipeline to the Deir Ammar power plant in northern Lebanon, where it will add 450 MW to the grid, equivalent to four hours of electricity a day.
World Bank
In the coming years, Egypt, Lebanon and Syria are awaiting World Bank approval to fund the value of exported gas, excluding Egypt from the Caesar sanctions imposed on Damascus.
In January, Lebanon signed an agreement with Jordan to import energy via Syria, while talks were underway with Egypt to import gas. The agreement with Jordan will also be funded by the World Bank. According to the agreement signed with Jordan, Lebanon is expected to get two hours of extra energy a day.
By importing energy from Jordan and importing Iraqi fuel and Egyptian gas, Lebanon wants to provide nutrition for eight to ten hours a day.
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