Lebanon News

ZR Energy wins tender for 180,000 tons of fuel oil

People walk on the seaside promenade with the floating Turkish power station Karadeniz Powership Fatmagul (L) seen in the background next to Lebanon's Zouk Mosbeh power plant, north of the capital Beirut, on April 9, 2019. The Lebanese cabinet has approved a plan to restructure the country's ailing electricity sector vowing to provide power 24 hours a day from a grid notorious for blackouts. / AFP / JOSEPH EID

BEIRUT: Lebanese company ZR Energy was awarded the tender for importing 180,000 tons of fuel oil at a premium global price of $29.50 per ton.

A spokesperson for oil facilities in Tripoli told local media that the fuel oil would reach the facilities within 15 days, in order to start selling it on the Lebanese market in local currency.

These quantities of fuel oil will represent 70 percent of the Lebanese market's needs, as well as the private companies’ desire to sell the quantities they have in dollars. Private Lebanese importing oil companies are selling their product to the market in U.S. dollars.

The Lebanese army, security forces, bakeries, hospitals and other institutions including Zahle Electricity Company buy all fuel oil from the oil facilities, which comply with the weekly price schedule issued by the Energy Ministry.

 

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