Lebanon announced that Russia has made an offer to build an oil refinery in the Arab country.
“We received a general offer from a private Russian company, and it may crystallize over time,” Minister of Energy and Water Walid Fayyad told reporters following a meeting with Russian Ambassador Alexander Rudakov.
The minister expressed hope that the oil refinery would help the country overcome its energy crisis.
“After crystallizing this project and establishing its feasibility and requirements, it will need to be presented to the Cabinet due to its strategic and economic significance,” he added.
Hezbollah leader Hassan Nasrallah stated last week in a televised speech that “less than two years ago, a Russian company made a genuine offer to build an oil refinery at a cost of $1.2 billion.”
He blamed the Lebanese authorities for delaying their response to Russia’s offer due to US pressure.
Lebanon is experiencing a severe shortage of electricity due to a lack of fuel for power generation, as well as a sharp increase in derivatives prices due to the collapse of the local currency and a lack of foreign exchange for imports.