Continuous fuel deliveries to prevent power blackouts in Lebanon, as well as economic opportunities, were high on the agenda in a meeting on Sunday between Iraqi Prime Minster Mohammed Shia Al Sudani and his Lebanese counterpart Najib Mikati in Baghdad, a government official told The National.
Mr Mikati led a senior delegation that included the ministers of energy and water, interior and municipalities, industry, agriculture, and public works and transport, the official said.
The head of the Investment Development Authority of Lebanon and the deputy director general of state security were also among the delegation, he added.
The talks "covered relations between the two countries, ways to develop and enhance economic partnership pathways, the bilateral agreement on the supply of Iraqi oil to Lebanon," a statement from Iraqi PM's office said.
Following the meeting, Mr Mikati said there was a "possibility of engaging in projects, including the establishment of Iraqi industrial cities in Lebanon and diversifying areas of mutual investment opportunities".
The two leaders also discussed ways to "raise the level of security co-operation" in combating terrorism and tracking drug trafficking, a statement said, without giving further details.
They also discussed "the situation in the region and the latest political and security developments," it added, calling for "halting aggression against Lebanon and Palestine and exerting efforts to prevent the regional conflict from escalating and resulting in more innocent casualties".
A joint economic committee meeting between the two countries will be held at the end of next September.
The Iraqi government released no further information on the meeting, but that continuous fuel deliveries to prevent power blackouts in Lebanon were high on Mr Mikati's agenda.
Lebanon, which has few natural resources and is suffering from an economic crisis, imports heavy fuel oil from Iraq under a swap deal signed in 2021.
Iraq has yet to make use of the $550 million worth of goods or services offered in return, funds that sit in Lebanon's central bank as part of the complex arrangement.
This month, Iraq approved the delivery of fuel to two Lebanese power plants, after a delay in payment had halted the delivery process.
As the heavy fuel supplied by Iraq does not meet Lebanon’s fuel specifications, the deal allows Beirut to swap it on the international market – through traders who make a profit – for types of oil suitable for its power plants.
State electricity in Lebanon is available for a maximum of around four hours a day. Those who can afford it rely on expensive and diesel-powered private generators, although very few provide power for 24 hours.
Lebanon has long struggled with providing enough power to its people, but the situation has been made worse by an economic crisis that began in 2019.
Iraq-Turkey power link
Meanwhile, Iraq on Sunday inaugurated an electric interconnection with Turkey, a government statement said, the latest effort by Baghdad to tackle the decades-long power shortage.
Turkey will feed 300 megawatts through the Kisk power plant near the northern city of Mosul through the 115km line, it added.
Iraq's electricity crisis dates back to the early 1990s when the majority of its infrastructure was damaged during the First Gulf War, in which a US-led coalition drove Saddam Hussein’s army out of Kuwait.
Subsequent UN-imposed economic sanctions and conflicts, coupled with decades of mismanagement, corruption, unstable security and political wrangling have only worsened the situation.
In late 2020, former prime minister Mustafa Al Kadhimi said Iraq had spent at least $60 billion on the electricity sector since the 2003 US-led invasion that toppled Saddam. Aside from money lost to corruption, much has been misallocated.
The Ministry of Electricity says it has added 3,000MW this year, bringing total production to slightly more than 27,000MW. However, it is far from the 48,000MW needed during summer, according to the ministry.
To deal with the problem, Iraq imports between a third and 40 per cent of its supply of electricity and gas from Iran, but continues to suffer from widespread power cuts, especially in the hot summer months when demand for power for cooling surges.
Tehran frequently cuts its supply when it requires more electricity domestically and also because Iraq has trouble paying for imports due to US sanctions on Iran. The US has pushed Iraq, Opec's second-largest oil producer, to cut its reliance on Iranian gas.
In March, Iraq inaugurated an electricity grid interconnection with Jordan, feeding in another 40MW.
In June last year, the GCC Interconnection Authority launched long-discussed plans to connect electricity-poor Iraq to its grid through Kuwait to help meet some of its growing demands.
The project is intended to begin exporting electricity to southern Iraq by the end of 2024. It will initially provide 500MW until reaching a 1,800MW capacity.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Company%20Profile
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The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
Confirmed%20bouts%20(more%20to%20be%20added)
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How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
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HAJJAN
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Company%20Profile
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COMPANY%20PROFILE%20
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Challenge Cup result:
1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
First Person
Richard Flanagan
Chatto & Windus
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West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
The%20specs
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UAE currency: the story behind the money in your pockets
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
SPEC%20SHEET
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Racecard
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Scorline
Iraq 1-0 UAE
Iraq Hussein 28’
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