Cabinet approves energy MOU
The Lebanese Cabinet has approved a proposed Memorandum of Understanding (MOU) with Iran, presented by Minister of Energy and Water Gibran Bassil, to secure Lebanon’s energy supplies.
The MOU, with a value of around $450 million will see Iran sell electricity to Lebanon at reduced prices. This should help to alleviate the shortfall in energy production; currently demand is 2,400 megawatts a day whilst supply stands at 1,500 MW.
The MOU also allows for further cooperation in the building of new power plants.