Lebanon has secured deals for more fuel supplies from Iraq, the two countries said on Tuesday, as Beirut battles to produce more power to help it emerge from years of economic crisis, Reuters reports.

According to the report, Baghdad has agreed to increase the volume of heavy fuel oil supplied under an existing deal by 50% to 1.5 million metric tonnes this year, confirmed by the Iraqi Prime Minister’s office.


Since July 2021, Lebanon has procured heavy fuel oil from Iraq to generate electricity for power plants to ensure a consistent daily supply of power lasting approximately four hours, according to an agreement by both parties.

Lebanese Deputy Prime Minister, Saadeh Al-Shami, called on Thursday for Central Bank Governor, Riad Salameh, to resign following France’s issuing of an arrest warrant against him as part of a sudden fraud investigation.

Salameh, his brother Raja and his assistant, Marianne Hoayek, are being investigated in Lebanon and at least five European countries on suspicion they may have taken more than $300 million from the Central Bank.



In any country when someone is accused of such crimes, they should not remain in a position of responsibility and should recuse themselves immediately.

Salameh, who, along with his brother denies any wrongdoing, told Saudi-owned Al-Hadath TV on Thursday that he will step down if any court ruling goes against him.

Critics had doubted the judiciary, where appointments largely depend on political support, would seriously investigate a figure of Salameh’s stature, given his political connections.


The Salameh brothers and Hoayek have been charged with fraud and embezzlement in two separate cases in Lebanon. Hoayek and her lawyer have not been reachable for comment.

Though some of his support bases in Lebanon and abroad are starting to fray, Salameh wants to end his 30-year tenure as bank head when his latest term expires in July, 2023.

His departure would mark a milestone in the financial meltdown resulting from decades of profligate spending, corruption and unsustainable policies by Lebanon’s Zionist backed leaders.

Middle East Monitor / ABC Flash Point Banking News 2023.

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Lady Shadow
Lady Shadow
18-05-23 20:26

French and British colonizing invaders still run the Middle East, as their forced border cartography was designed to run in to trouble between tribes divided by the reset land borders?

18-05-23 20:40

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18-05-23 20:41

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