Lebanese Minister of Energy to 'Al-Siyasa': We highly appreciate Kuwait's support and solidarity with us
Beirut Approves Kuwaiti Offer to Supply Two Oil Tankers to Rescue the Electricity Sector
The Lebanese government approved, during its last session, the offer presented by the Kuwait Petroleum Corporation, a state-owned Kuwaiti entity, regarding electricity, considering that it contains a beneficial component for Lebanon. Lebanese Energy Minister Joe Saida confirmed to "Al-Siyasa" that Lebanon highly appreciates the distinguished role played by Kuwait towards it amidst the difficult circumstances the country is enduring, emphasizing Kuwait’s continued support for Lebanon. He noted that the Lebanese Cabinet had authorized him to follow up on the Kuwaiti offer concerning the supply of fuels to Lebanon.
A Free Kuwaiti Oil Tanker
Saida wrote on the "X" platform, "We thank Kuwait, its leadership and people, for standing once again by Lebanon and its people, who have always been our support. The Cabinet has authorized me to follow up on the Kuwaiti offer, which entails granting Lebanon a free oil tanker in exchange for purchasing another tanker at its actual price." This is not the first time Kuwait has provided oil support to Lebanon to help overcome the crises it faces regarding electricity. Lebanon continues to suffer from a significant financial deficit in the electricity sector, with successive governments failing to find a solution to this deadlock. It is worth noting that Kuwait previously offered to build power plants, but the plans did not proceed as intended for various reasons.
Addressing the Electricity File
In the context of efforts to address the electricity file, Lebanese Prime Minister Nawaf Salam chaired a meeting of the Supreme Council for Privatization and Partnership, attended by several relevant ministers. The meeting discussed the steps required to transform the Lebanese Electricity Company (EDL) into a joint-stock company, as part of the electricity sector reform path prioritized by the government. This includes establishing the new company, safeguarding workers' rights during the transitional phase, and completing the valuation and transfer of the institution's assets. These steps are part of the work to restructure the electricity sector, enhance its financial sustainability, improve service levels, and recover costs, thereby paving the way for subsequent phases of sector reorganization and contributing to resolving its accumulated crises and increasing its capacity to provide sustainable electricity supply.
Additionally, the Parliamentary Committee for Public Works, Transport, Energy, and Water held a session chaired by MP Atiyya, with the presence of Minister Saida and officials from the Lebanese Electricity Company, dedicated to reviewing the electricity sector policy paper and the current state of the sector.
Lebanon's 2027 Budget
Meanwhile, the Lebanese Cabinet decided to begin studying the draft budget for 2027 starting next Tuesday, with consecutive daily sessions, after Finance Minister Yassin Jaber submitted the project to the government earlier this week. Total expenditure in the draft budget amounts to approximately 614 trillion Lebanese pounds, equivalent to $6.87 billion. Thus, the 2027 budget figures represent a 15 percent increase over the current year's budget and a 40 percent increase over the 2025 budget.
