Caretaker Minister of Energy and Water, Walid Fayad, met with the Executive Managing Director of EGAS, Dr. Eng. Magdy Galal, who was representing Tarek Al-Mala, the Egyptian Minister of Petroleum and Mineral Resources.
During the meeting, Fayad and Galal discussed Plans to transfer Egyptian gas to Lebanon in conformity with the World Bank’s terms of financing.
Minister Fayad briefed the Egyptian side on the latest developments in Lebanon. This includes the requirements set by the World Bank to increase tariffs in synchrony with the arrival of gas.
He clarified that the US administration is “studying all matters related to the contract”. One of these several matters includes the international sanctions on Syria.
The most eminent point expressed in the meeting was the assertion of Egypt’s “technical, commercial and contractual readiness to pump gas as soon as the last message of American assurances arrived.”
The electricity crisis in Lebanon continues to deteriorate. People have been receiving less than 2 hours of electricity per day, which has been affecting their ability to resume day-to-day activities.
Many have resorted to using private generators, which is now considered to be a luxury due to the high diesel fuel prices.
The Gas deal between Lebanon, Syria, and Egypt promises to supply the country with 4 additional hours of electricity per day.