Latest news with #WalidFayad
LBCI
2 days ago
- Business
- LBCI
Lebanese Energy Minister refutes predecessor's claims over Iraqi oil deal
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.
LBCI
17-02-2025
- Politics
- LBCI
Former Energy Minister Walid Fayad responds to fuel allegations, accuses media of misinformation
Former Energy Minister Dr. Walid Fayad issued a statement addressing a media campaign targeting him regarding alleged fuel contamination. Fayad clarified the facts, stating, "On February 8 and 9, we received positive results from the 'Veritas Dubai' office confirming that the fuel met specifications, following tests conducted on samples from the loading port and directly from the ship after loading, in accordance with the tender terms." He explained that due to defamatory media campaigns and interference from corrupt individuals aiming to disrupt the energy sector, the unloading of the ship was unjustifiably halted, citing fuel non-compliance. This led to the need to re-test the fuel once the ship arrived. Fayad noted that this delay resulted in a 10-day hold-up for the delivery of 35,000 tons of fuel to the Zouk and Jiyeh plants, with the test results confirming full compliance with the earlier tests. He further outlined the significant economic losses caused by this delay, which impacted the Lebanese people. The losses encompass $200,000 in direct losses due to the delay, 48 million kilowatt-hours of unproduced electricity (200 MW × 240 hours), forcing citizens to rely on private generators, costing an additional 25 cents per kilowatt-hour, leading to $12 million in nationwide losses, and $12 million in revenue losses for Electricité du Liban (EDL) due to the suspension of electricity production after the fuel ran out. Fayyad held the responsible parties accountable for the crisis, calling for accountability for the individuals and media outlets that spread false information and hindered the process, damaging the state's and citizens' interests. He stressed that such destructive tactics only serve to fuel chaos and narrow interests, at a time when concerted efforts are urgently needed to ensure continuous electricity supply and save the energy sector.
