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

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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.

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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.