In this list
Electric Power | Oil

Iraq to sell Lebanon 1 mil mt/year of heavy fuel oil in barter deal

Commodities | Electric Power | Electricity | Energy | Nuclear | Energy Transition | Renewables | Natural Gas | Natural Gas (European) | Oil | Crude Oil | Refined Products

Market Movers Europe, Nov 29-Dec 3: Oil slumps on COVID-19 concerns as travel restrictions announced

Energy | Oil | Refined Products | Jet Fuel

Platts Jet Fuel

Metals | Coronavirus | Steel

16th Steel Markets Asia Conference

Metals | Energy | Electric Power | Non-Ferrous | Electricity | Steel

Nornickel targets higher nickel supply to European battery market from Finland's Harjavalta refinery

Agriculture | Grains | Rice | Energy | Coal | Thermal Coal | Energy Transition | Renewables | Oil | Crude Oil | Refined Products | Jet Fuel | Shipping | Containers

Commodity Tracker: 4 charts to watch this week

Iraq to sell Lebanon 1 mil mt/year of heavy fuel oil in barter deal

Highlights

Lebanon will resell fuel oil

Iraq will get 'goods and services' from Lebanon

Iraq has surplus of heavy fuel oil

Iraq has agreed to sell Lebanon 1 million mt/year of heavy fuel oil in return for "goods and services" in a barter deal that should help OPEC's second-biggest producer reduce a surplus of fuel oil while enabling cash-strapped Lebanon to obtain the commodity needed for power plants.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The fuel oil will be sold at international prices and will be paid in exchange for Lebanese goods and services, Iraq's oil ministry said in a July 24 statement. Because Iraq's fuel oil doesn't meet specifications of its power plants, Lebanon will resell the Iraqi fuel and use the proceeds to buy spot cargoes of fuel that does meet its specifications, Lebanon's outgoing energy and water minister Raymond Ghajar said in a press conference on July 24, state-run National News Agency reported.

One million mt/year of fuel would meet around a third of Lebanon's needs, he said.

Cash-strapped Lebanon is suffering from severe power outages due to the financial crisis gripping the country, which relies on imported oil products for electricity generation.