BEIRUT: Lebanon could have recently had an oil tanker seized by Eurobond holders because of its stinging debt crisis and the government was taking steps to avoid such risks in future, the energy minister said on Thursday.
Lebanon plunged into a $31 billion sovereign default in March, saying it needed to preserve dwindling dollars for vital imports, and has since entered talks with the International Monetary Fund.
Speaking at the presidential palace about an ongoing fuel oil shortage, Energy Minister Raymond GHajjar listed the potential seizure of an oil tanker off its shore by bondholders as among the issues complicating the country’s supplies.
“We have been exposed on this issue to several setbacks including what happened about two weeks ago because we weren’t able to open credit at the central bank in the required time, so there was a risk that the oil tanker would be subject to seizure by the Eurobond holders,” said GHajjar.
“We are studying this issue in order to ultimately reach a result that enables the Lebanese state to not be exposed on this matter,” GHajjar added, according to a presidency statement.
The minister did not mention who the owner of the tanker was and could not immediately be reached for further comment.
An economic rescue plan put forward by Beirut maps out about $83 billion in financial sector losses, but the figures are subject to change depending on the discount taken by foreign and local bondholders.
Beirut is hoping an IMF reform program can secure billions of dollars in financing and restore economic growth.
Lebanon could have had oil tanker seized by Eurobond holders, says energy minister
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Lebanon could have had oil tanker seized by Eurobond holders, says energy minister
- Raymond GHajjar: We weren’t able to open credit at the central bank in the required time, so there was a risk that the oil tanker would be subject to seizure by the Eurobond holders
- Lebanon plunged into a $31 billion sovereign default in March, saying it needed to preserve dwindling dollars for vital imports
Al-Sharaa and Kurdish leader Barzani discuss implementing SDF ceasefire agreement
- Both leaders highlighted the importance of cooperation to promote stability in Syria and the region
- Syrian government and Kurdish-led SDF agreed to a comprehensive ceasefire and a phased integration last week
LONDON: President of the Syrian Arab Republic Ahmad Al-Sharaa and Kurdistan Democratic Party leader Masoud Barzani discussed recent developments in Syria during a phone call.
Al-Sharaa reiterated the Syrian state’s commitment to the national, political, and civil rights of the Kurds, emphasizing that all Syrians are equal before the law and enjoy equal rights, according to the Syrian Arab News Agency.
Barzani praised the comprehensive agreement between the Syrian government and the Syrian Democratic Forces and emphasized the need to implement it to ensure Syria’s unity and stability.
Both leaders highlighted the importance of cooperation to support the agreement’s implementation and promote stability in Syria and the region, the SANA added.
On Friday, the Syrian government and the Kurdish-led SDF agreed to a comprehensive ceasefire and a phased integration of military and administrative bodies into the Syrian state under a broad deal, following weeks of armed clashes.
