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Wednesday, February 1, 2023

Russia offers to build oil refinery in Lebanon

EconomyRussia offers to build oil refinery in Lebanon

Beirut (Times Of Ocean)- Russia has offered Lebanon to build an oil refinery as Lebanese energy minister says oil refinery will help resolve country’s energy crisis.

‘We received a general offer from a private Russian company, and it may crystallize with time because similar projects take a long period of time, whether with regard to gas for electricity or fuels,’ Minister of Energy and Water Walid Fayyad told reporters following a meeting with Russian Ambassador Alexander Rudakov.

As for the oil refinery, the minister expressed hope that the oil refinery will contribute to addressing the country’s energy shortages.

“After completing the necessary steps to crystallize this project and determine its feasibility and requirements, it will have to be presented to the Cabinet given its strategic and economic importance,” he added.

In a televised speech, Hezbollah leader Hassan Nasrallah stated that “a Russian company made a real offer to build an oil refinery at a cost of $1.2 billion” less than two years ago.

The militia group’s chief blamed the Lebanese officials for taking too long to respond to the Russian offer due to pressure from the United States.

The country is suffering from a severe shortage of electricity due to an insufficient supply of fuel, as well as a sharp rise in the price of derivatives due to the collapse of the Lira, and the inability to obtain foreign exchange to import goods.

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