Lebanese Energy Minister refutes predecessor's claims over Iraqi oil deal

LBCI

15 hours ago

Lebanese Energy Minister Joe Saddi issued a strongly worded statement on Friday, rejecting what he described as "a series of inaccuracies" made by former Minister Walid Fayad regarding the Iraqi oil agreement. He accused Fayad of misleading the public over financial and procedural matters.
The statement, released by Saddi's media office, emphasized that successive energy ministers have been importing fuel from Iraq since 2021, with only the first contract officially ratified by Parliament. The second and third contracts, though approved by the Cabinet, remain unendorsed by lawmakers.
Saddi also clarified that the fourth contract, at the center of the latest dispute, had its tendering process initiated by Fayad before the deal was signed. According to the statement, Fayad awarded the initial bid to a company he referenced in recent remarks.
While Saddi confirmed that he had finalized the contract, he stated that this was done strictly in accordance with the principle of maintaining continuity of public services without launching a new tender or incurring further obligations outside of the existing framework. He insisted that no new financial burden was imposed on Lebanese taxpayers before receiving parliamentary approval, countering Fayad's assertions.
The statement added that both Finance Minister Yassine Jaber and Minister Saddi informed Parliament about the status of the contract during the latest joint committee session.
On the financial front, Saddi challenged Fayad's claim that the agreement amounted to just $600 million, stating the actual value was approximately $1.28 billion, with $753 million already due and the remaining balance to mature through the next year.
"In the end, every official owes it to the Lebanese people to speak with honesty and transparency," the statement concluded.