BEIRUT: Energy and Water Minister Gibran Bassil told a news conference Monday that work on the electricity project would kick off in March, pledging that this plan would save $685 million over the next four years. Bassil said the execution of tenders has already taken place, following 18 months of studies and classifications.

Among the five to six projects which Bassil was referring to were the additional 700 MW plants, the leasing of power generating ships, the rehabilitation of the Jiyye and Zouk power plants, and the completion of the Mansouryeh high voltage power lines and the gas pipeline that crosses from Syrian into Lebanon.

Bassil added that leading international firms had taken part in the tender and some of them would start executing the projects after winning the bid.

He said the judicial authorities had given assurances that the tenders had been conducted in a transparent manner.

“We have managed to save $111 million in these tenders because all the winners have provided the best prices and unsurpassed technical standards. We saved $67 million in the first tender and in the second round we saved an additional $38 million,” Bassil said.

The minister added that the ministry had asked the three companies which made the best offers to reduce their prices and this had saved another $6 million, bringing the total amount saved to $111 million.

Bassil said all the tenders had been examined and re-examined by the concerned parties and judicial authorities.

“Once these projects are complete, we can save up to $685 million over the next four years and eventually we will be able to save $300 million annually,” he added.

The Finance Ministry has allocated the necessary funds for the completion of the electricity projects but officials reiterated that the 700 MW plants would not resolve the long-running electricity crisis in the short term.