Agreement Between “Energy” and “Industrialists” Regarding Fuel Storage Without Fees

In a step aimed at supporting national industry, the Minister of Energy and Water, Joe Saddy, in the presence and with the efforts of the Minister of Industry, Joe Issa El-Khoury, signed an agreement with the Association of Lebanese Industrialists, represented by its President, Mr. Salim Al-Zoghbi.

This agreement allows the association to store petroleum derivatives that comply with “LIBNOR” specifications in tanks belonging to oil installations in Tripoli and Zahrani, in exchange for zero storage fees, in accordance with Decision No. 66 dated 5/20/2004 and related decisions. This measure aims to enable industrialists to import, while emphasizing that the imported materials must be exclusively for industrial use.

:Joe Saddy
In his speech, Saddy emphasized the importance of this step as support for the Lebanese industrial sector, noting that it constitutes a fundamental pillar of the national economy and a source of livelihood for thousands of families. He added: “With its successes and quality of production, this sector presents a bright image of Lebanon in the world. Also, the industrialists who have persevered despite the difficult circumstances in this country deserve our support.” He pointed out that this agreement is the result of cooperation with the Minister of Industry, “Joe Issa El-Khoury,” stressing their belief in complementary work between ministries and in Lebanese capabilities as a fundamental pillar for the advancement of the country. Saddy concluded by expressing his full support for national industry and his aspiration for a better future for Lebanon.

:Joe Issa El-Khoury
For his part, the Minister of Industry, “Joe Issa El-Khoury,” affirmed that this agreement represents the first step in a series of measures aimed at reducing the cost of production for industrialists, considering the industrial sector a sovereign sector par excellence that deserves support and assistance. Issa El-Khoury pointed to his diligent follow-up of negotiations with the Association of Industrialists, expressing his thanks to the Minister of Energy, “Joe Saddy,” for his efforts to make this step a success.

:Salim Al-Zoghbi
Al-Zoghbi expressed the industrialists’ optimism about the formation of the current government, considering that the ministers in it have practical experience that enables them to understand the challenges facing investors in Lebanon. He added: “Industry has succeeded despite the crises and difficult circumstances for 50 years until today, especially since 2019, in continuing to invest in Lebanon and creating job opportunities for thousands of young people, reducing their emigration and benefiting the country from their energies. We have persevered and contributed to the resilience of the Lebanese economy.” He affirmed that this step will contribute to reducing the cost of production and lowering the prices of products for consumers while maintaining quality, and will also enhance the competitiveness of Lebanese products in global markets. Al-Zoghbi stressed that these fuels are intended exclusively for the legitimate industrial sector, which adheres to the laws, pays taxes and fees, and registers its workers in social security, stressing that the association will monitor the distribution of these fuels to ensure that the decision is not exploited and to achieve price reductions for citizens.