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(Haitham Al-Mousawi)
Therefore, the Turkish ships had shut down a quarter of their generators, causing a decrease in their production by about 100 megawatts, as well as a reduction in production hours at the Deir Ammar plant, pending the Kuwait’s “diesel” shipment arrived on February 22, while the Zahrani plant maintained its production capacity. Despite the decline in production at the new Zouk and Jiyeh factories by roughly 50 percent, the reason was not fuel savings, but rather their need for spare parts and oils that were not insured, pending the opening of funds in dollars.
However, EDL asked Turkish ships yesterday to add a new turbine to the network, indicating that it has been more satisfied with the fuel assurance process. This is due to a number of factors, the most prominent of which is Iraq’s formal agreement to supply Lebanon with 500,000 tons of fuel. Although the dossier is in the process of being implemented, Energy Minister Raymond Ghajar told “Al-Akhbar” that the details of the contract have not yet been completed and that they are in negotiation with the Iraqi side, which means that the price The delivery method, or how to replace the black fuel with the proper fuel for the Lebanese laboratories has not been determined. But Ghajar stressed that these issues will not take time, after achieving the basis, that is, the approval of the Iraqi Council of Ministers.
If the deal with Iraq will ensure that Lebanon gets a quarter of its fuel oil needs in its two classes (the plants need one million tons of grade B fuel and one million tons of grade A fuel), then what is required is to seek securing the remaining amount. Until the Ministry of Energy agreed with the Tender Department on the conditions that would allow the launch of the tender, and after the cooperation file with Sonatrach was finally closed (without clearing the judicial process), it only remained to resort to the contracts of point load. This is an option that has not been tried before, except in the context of insuring oil and gasoline petroleum facilities at competitive prices. And if the Ministry of Energy had hoped to find the specified fuel for the old Zouk and Jiyeh factories (Grade A) on the market, it was feared that the fuel intended for Turkish ships and the new Grade B plants would not be found. yesterday it turned out that this fear was misplaced. After the Petroleum Directorate launched a tender on January 26 to obtain 35 thousand tons of this type of fuel, yesterday the presentation door was closed and it was clear that there were two tenders. The winner among them was the offer from the Greek company. ELINOIL, which should receive the shipment between February 17 and 22. This success assured the Ministry of Energy that it was possible to ensure stability in the supply of fuel to the plants until the signing of a long-term contract, noting that the Petroleum Directorate had already launched, on January 14, a tender for the purchase of 70,000 tons of grade A fuel. On the 21st of the same month, three companies had submitted their files: Litasco, the marketing division of the Russian company Lukoil, and ELINOIL and the Lebanese company ZRenergie (Al Rahma). However, the latter was the one that won the tender, after Litasco withdrew, presumably, the first shipment should arrive before February 15.
Greek company wins first spot cargo tender for grade B fuel
Regarding diesel, it is still insured through the contract signed with the Kuwait Oil Company, which is supposed to continue insuring this material until the end of March, provided that this type of fuel is included in the Cargo Sabbath tenders, noting that it does not there is no concern for me, the Ministry cares to ensure this type, given its abundance in the market.
This success in obtaining fuel through immediate tenders also reflected economic savings for the EDL and, therefore, for the public treasury, where offers are obtained at competitive prices. For example, the ZRenergie offer included a “premium” (shipping, insurance, benefits …) amounting to $ 22.2 per ton, while this “premium” was close to $ 30 per ton in the signed contract. with Sonatrach. This is something the Minister of Energy referred to after his visit to the President of the Republic, where he announced that each shipment of “Spot Cargo” provides savings in the treasury of up to 500 thousand dollars, which means a saving of two million dollars a month. .
According to sources from “Electricity Lebanon”, the constant supply of fuel to the corporation will not be enough to raise production to its highest levels. It also takes into account international oil prices and the possibility that the advance allocated to the Corporation is not sufficient to cover its fuel needs.
The “fuel oil” tenders achieve savings of two million dollars per month
In the 2020 budget, an amount of 1.5 billion lire was previously allocated for this purpose (renewed by the twelfth rule, and the 2021 draft budget also included the same amount), and given the collapse of the prices of the oil below twenty dollars. per barrel, this amount exceeded the needs of the institution. So you’re still spending it to meet your fuel needs, even after the end of the first month of the new year. But oil prices, at $ 58 a barrel, caused the corporation to worry again. According to his studies, the amount of one billion dollars, in case the Banque du Liban continues to open credits in dollars for the institution, it can satisfy its needs if the price of oil reaches 45 dollars a barrel. The deficit could fall on him if it increased beyond this limit, which is what is expected to happen if these prices continue to rise, and what the corporation will face if it continues to ration production.
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