SAWT BEIRUT INTERNATIONAL

| 19 September 2021, Sunday |

The fuel subsidy may be lifted within days

A member of the Syndicate of Gas Station Owners, George Al-Barraks, revealed that the fuel subsidy will be lifted within days, noting that matters are being studied in coordination between the Ministry of Energy and the Banque du Liban to take the alternative decision.

Al-Barraks explained that two options are most prominent, either lifting the subsidy, so the matter remains in the hands of the Bank of Lebanon in terms of approving the import of fuels, but at the market price, or liberalizing the import, so the matter becomes in the hands of the importing companies, which requires a study to determine the approved mechanism and issue prices. Al-Barraks stressed that in this case the market will relax and smuggling will be controlled, but the matter will have negative repercussions on the exchange rate on the black market.

Since 1975, Cyprus has been a safe haven for the Lebanese because of its close geographical location, and most importantly because it enjoys the security and stability that the Lebanese lack in their country.

The Jordanian capital, Amman, is hosting a four-way technical meeting of the energy ministers of Syria, Lebanon, Egypt and Jordan, to follow up on the import of electricity and gas from Egypt to Lebanon via Syria.

According to the agenda, the meeting will present five points centered on reactivating the agreement signed between the Arab Gas Pipeline countries related to the supply of natural gas to Lebanon, ensuring the readiness of the infrastructure necessary to transport natural gas in each of the four countries and the required technical requirements.