The Iraqi Minister of Finance, Ali Allawi, has signed an agreement with the Lebanon’s Minister of Energy and Water, Raymond Ghajar, to supply Lebanon with fuel of 1 million tons per year from the surplus of its refineries, , Iraqi Oil Ministry announced in a press release.

The price of the exported fuel will be determined according to the international press release approved by State Organization for Marketing of Oil (SOMO) company and it will be paid corresponding to products and services.

Lebanon will use this fuel in operating its aging power plants, according to the Daily Star website. In addition, Iraq will refine the oil before shipping it.