Iraq to exchange its oil for Lebanon’s food

On Friday Lebanese Prime Minister Hassan Diab and Iraqi Oil Minister Ihsan Abdul Jabbar agreed that Iraq will import industrial and agricultural products from Lebanon, and Iraq will export its surplus crude oil, to Lebanon.

“They will determine the price of oil and we will give them agricultural supplies and pay the remaining difference in cash,” Lebanon’s Energy minister Ghajar explained.

“Lebanon is an important country for Iraq,” said the Iraqi Oil Minister, reported NNA. He pointed out that many Iraqis come to Lebanon to study and seek medical services.

“Lebanese food industries are very popular in Iraq, which can constitute a good opportunity for Lebanon to increase its production and export it,” Ismail said, Mr. Jabbar added.

Mr. Jabbar told Lebanese agricultural companies will also be allowed to resume their operations in Iraq.

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